After months of "tough negotiations" with stakeholders, Target Canada CEO Aaron Alt announced Friday the retailer has reached a settlement with former landlords whose leases were terminated last year as part of its wind-down under the Companies' Creditors Arrangement Act. The settlement—which comes a year after the retailer pulled up stakes following a spectacular failure north of the border—gives payment to landlords holding guarantees from Target Corp in exchange for a contractual release from those guarantee claims. The recovery range for unsecured creditors is estimated to be 66% to 77%. Creditors will vote on the plan May 25 in Toronto.
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