Quote:
Originally Posted by ranchlandsselling
They might have, but not in so many words as it was quite a shock and some of the leasing guys for the major retailers were side-swiped and pissed right off when it happened. I'd wager the savings in the leasing costs would have been negligible and you had a CEO who simply wanted to end the fiasco as he could do so and forever blame someone else vs. continue to try and shoulder some blame.
No one can ever claim he was wrong to pull out. No one can ever say he should have stayed. It was a win / win for the new CEO as hindsight would never be available.
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The parent company guaranteed a lot of the leases in exchange for landlords helping out on renovation costs. So if they came back and said "we need a price break" the answer they'd get would be "go bankrupt and we'll collect from Target USA, don't let the door hit you in the ass on the way out."
It's holding up their CCAA right now, Target wants the landlords to give up the right to collect from the parent, which they've said they won't do. The judge threw out their first restructuring plan right away.