Target Closing All Canadian Stores
Target Corporation announced plans to discontinue operating stores in Canada through its indirect wholly-owned subsidiary, Target Canada Co. ('Target Canada'). As a part of that process, this morning Target Canada filed an application for protection under the Companies' Creditors Arrangement Act (the 'CCAA') with the Ontario Superior Court of Justice (Commercial List) in Toronto (the 'Court').
Target's CEO Steps Down
Target released this statement announcing that, after extensive discussions, the board and Gregg Steinhafel have decided that now is the right time for new leadership at Target. Effective immediately, Gregg will step down from his positions as chairman of the Target board of directors, president and CEO. John Mulligan, Target's chief financial officer, has been appointed as interim president and chief executive officer. Roxanne S. Austin, a current member of Target's board of directors, has been appointed as interim non-executive chair of the board. Both will serve in their roles until permanent replacements are named. We have asked Gregg Steinhafel to serve in an advisory capacity during this transition and he has graciously agreed.
Target Appoints New Chief Information Officer and Updates Security Enhancements
Target Corp. announced the company has hired a new technology leader to help guide the company's information technology transformation. Target also provided details on additional security enhancements the company has made following its 2013 data breach, and shared plans to incorporate MasterCard chip-and-PIN technology across its REDcard portfolio.
Target Gives Update on Data Breach
Target announced updates on its continuing investigation into the recent data breach and its expected fourth quarter financial performance. As part of Target's ongoing forensic investigation, it has been determined that certain guest information separate from the payment card data previously disclosed was taken during the data breach.
