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Bargain hunters looking to pick through the remaining stock at Target Canada (TGT.N) stores are accusing the retailer of raising prices in the weeks leading up to the company’s bankruptcy announcement on Jan. 15 in a last ditch effort to maximize revenue from liquidation sales.
Shoppers are peeling back layers of price tags to reveal significant mark-ups on items from furniture to beauty supplies, to pet food and laundry detergent. In many cases, the “sale” prices are several dollars higher than the standard price offered before Target Canada’s bankruptcy announcement.
Christina Veraldi of Ajax, Ont. shared a picture on Facebook on Feb. 28 revealing a price tag on a bottle Aveeno Bodywash for $5.99 from November was replaced on Jan. 15 – the day the company announced it would close 133 Canadian stores – with one for $7.59.
Veralid claims she was asked to abandon her purchase and leave the Oshawa, Ont. store when she brought the discrepancy to the attention of managers. Veraldi’s post has been shared over 30,000 times since.
Target initially promised savings of between 10 to 30 percent, but 50 percent discounts were recently introduced on select items. Target is currently facing litigations claims from suppliers saying the company pumped up inventories ahead of the bankruptcy announcement. The matter is still before the courts.
A company press release says Target awarded the management of the liquidation process to insolvency specialist firms in Gordon Brothers Group, Hilco Global and Great American Group, on Jan. 27. The liquidators began promotional sales on Feb. 5.