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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsTarget gets $1.6B tax break in U.S. for filing Canadian bankruptcy
Source: The Globe and Mail
U.S. discounter Target Corp. will reap some benefits from its troubled foray into Canada that has left angry creditors with hundreds of millions of dollars of debts.
The retailer, whose Canadian division filed for bankruptcy protection on Jan. 15, will collect a $1.6-billion (U.S.) tax break in the United States as a result of its move to retreat from this country, according to a new filing.
Its a benefit that Target Canadas creditors would like to get a piece of. I think they should give it back to creditors, Stavros Gavrilidis, a pharmacist at the Target store in Windsor, Ont., said in an interview. Hes a representative of the retailers franchised pharmacists who estimate theyre owed hundreds of thousands of dollars by Target Canada.
Creditors are pushing to find ways to recover their losses from Targets collapse. Now, amid signs the retailer itself may be the biggest beneficiary of the eventual payouts, the disclosure of the tax break has raised further concerns in the insolvency process.
Read more: http://www.theglobeandmail.com/report-on-business/target-lands-16-billion-tax-break-as-creditors-fight-for-payback/article23528282/
Sherman A1
(38,958 posts)it may be legal, but fair it is not.
Fred Sanders
(23,946 posts)Trillo
(9,154 posts)I've shopped at Target on infrequent occasions, the last time I felt that I was under some strange kind of non-uniformed surveillance in the parking lot while I was driving my rusty-old car, and in fact, haven't been back there since.
https://corporate.target.com/careers/career-areas/assets-protection-loss-prevention
It seems Target is rather interested in protecting their own stuff, but seem to care a bit less about protecting others stuff.
But Yay for their employees on the wage rise.