Target Canada pharmacists win recognition, Francine Kopun

“This is a victory for patients across Canada and PFAC,” said president Dan Dimovksi of the Pharmacy Franchisee Association of Canada.

The Toronto Star
February 19, 2015

Target Canada pharmacists win recognition
Liquidation discounts deepen as stores clear out inventories
Francine Kopun

target4.jpg

As Target Canada continues to end operations, some of its pharmacists will be able to stay open until the end of March. ANDREW FRANCIS WALLACE/THE TORONTO STAR

Target Canada pharmacists claimed victory on Thursday after learning that $100,000 has been set aside to fund legal and financial advisory services for them as the failed discount retailer winds down operations.

Target Canada has also extended the deadline for pharmacy closures, giving more breathing room to franchisees who need to transfer customer files and move or dispose of inventory, including narcotics.

“This is a victory for patients across Canada and PFAC,” said president Dan Dimovksi of the Pharmacy Franchisee Association of Canada.

Ontario Superior Court Justice Geoffrey Morawetz appointed PFAC to represent the pharmacists; Sutts, Strosberg LLP as representative counsel; and BDO as financial advisor to the pharmacists.

The $100,000 for PFAC can be used to cover legal and financial services provided to date and going forward, but only on three topics: corresponding with regulators concerning the wind-down and relocation process; return of inventory; and participating in the claims process against Target Canada.

Target Canada filed for creditor protection on Jan. 15, less than two years after entering the marketplace. All of its 133 stores are being closed.

Of the 93 Target pharmacists outside Quebec who belong to PFAC, about 40 remain in a position to take advantage of the extension to the operating deadline, said Dimovski.

On Jan. 26, Target Pharmacy delivered notices to franchisees indicating the pharmacies should be closed within 30 days. It has now agreed to allow pharmacists to operate until March 30, unless the home store closes before that date.

Liquidation discounts have been increased to 20 to 40 per cent off original prices. Store fixtures and equipment are also for sale.

http://www.thestar.com/business/2015/02/19/target-canada-pharmacists-win-recognition.html


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