BRIEF-Target Corp plans to discontinue Canadian operations

Thu Jan 15, 2015 8:38am EST
 
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Jan 15 (Reuters) - Target Corp -

* Target Corporation announces plans to discontinue Canadian operations

* Target says Target Canada takes steps to ensure a fair and orderly exit, seeks court approval to begin liquidation process under the CCAA

* Says Target Canada stores will remain open during the liquidation process

* Target Canada is also seeking court approval to engage Lazard to advise Target Canada in connection with the sale of its real estate assets

* Target Canada is seeking the appointment of Alvarez & Marsal Canada as monitor in the CCAA proceedings

* Expects to report approximately $5.4 billion of pre-tax losses on discontinued operations in fourth quarter of 2014

* Says expects to report approximately $275 million of pre-tax losses on discontinued operations in fiscal 2015

* Says seeking court's approval to voluntarily make cash contributions of C$70 million (about US$59 million) into an employee trust   Continued...