TARGET MISSED IN CANADA

Jan 15, 2015

By Andy Johnson

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After struggling to find an identity in Canada, retail giant Target is closing its 133 stores affecting some 17-thousand employees. The company says its projections show it would not be profitable in Canada until 2021. The company says the stores will remain open during a court-supervised liquidation period and it’s working to ensure surplus employees are paid at least 16 weeks of severance. Target entered the Canadian market two years ago and bought a number of former Zellers stores. But it has struggled since the start and there has been speculation in business circles that its days were numbered. Target Canada’s parent company, which is based in Minneapolis, says it will spend between $500 and $600 million dollars to discontinue the Canadian operation.

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