From what I understand, at the point they declared bankruptcy they (Target Canada) didn't have enough money to meet payroll obligations, and the trust was seede

From what I understand, at the point they declared bankruptcy they (Target Canada) didn't have enough money to meet payroll obligations, and the trust was seeded from Target's US operation. It Target Canada had just been standalone chain (i.e. no Target USA), then this probably wouldn't have been possible.