Target Canada Co. files for protection from creditors

TORONTO, Jan. 15, 2015 /CNW/ - On January 15, 2015, Target Canada Co. and certain of its subsidiaries and affiliates were granted protection from creditors under the Companies' Creditors Arrangement Act ("CCAA") pursuant to an Initial Order of Regional Senior Justice Morawetz of The Ontario Superior Court of Justice. Koskie Minsky LLP was appointed to represent all Employees in the CCAA Proceedings, starting immediately and continuing during the wind-down of Target Canada Co.

Koskie Minsky's legal mandate is to represent all current Employees' interests in the CCAA Proceedings, including the termination of employment and related claims for notice, pay in lieu of notice, and benefit entitlements. A unique feature of these proceedings is the establishment of an employee trust funded by Target Canada Co.'s American parent company – Target Corporation – which should ensure at least 16 weeks of termination pay or working notice for all employees of Target Canada Co. who continue to work or remain employed during the wind down process.

The court has asked that Koskie Minsky identify up to seven Employees from across Canada to be appointed by the Court to represent the Employees in the CCAA Proceedings. If you believe you could assist and are interested in being appointed as a Representative, please contact Koskie Minsky.

Koskie Minsky's team of lawyers have special expertise representing groups of employees in insolvencies like this, including in Nortel, Hollinger, Eaton's and Stelco/U.S. Steel. Koskie Minsky regularly acts for employees in all phases of employment and for all types of compensation, benefits and other rights. 

For further information or a copy of the Initial Order, please contact Koskie Minsky, counsel for Target Canada Co. Employees at 1.866.860.9364, [email protected] or visit www.kmlaw.ca/targetemployees.

SOURCE Koskie Minsky LLP

For media inquiries, please contact Susan Philpott at [email protected].