Target Closing Its Doors In Canada
It’s not even been two years since retail giant Target opened for business in Canada, but they are closing their doors in the country soon.
In a released statement Brian Cornell, Target Corporation Chairman and CEO, said “When I joined Target, I promised our team and shareholders that I would take a hard look at our business and operations in an effort to improve our performance and transform our company. After a thorough review of our Canadian performance and careful consideration of the implications of all options, we were unable to find a realistic scenario that would get Target Canada to profitability until at least 2021. Personally, this was a very difficult decision, but it was the right decision for our company. With the full support of Target Corporation’s Board of Directors, we have determined that it is in the best interest of our business and our shareholders to exit the Canadian market and focus on driving growth and building further momentum in our U.S. business.”
Unfortunately the holiday season didn’t help the struggling chain. They had hoped for “a successful holiday season” but they didn’t “see the required step-change in our holiday performance,” said Cornell. “There is no doubt that the next several weeks will be difficult, but we will make every effort to handle our exit in an appropriate and orderly way.”
Target employs approximately 17,600 people across 133 stores in Canada. They will remain open for now, during a court-supervised liquidation period. They will also be selling off its real estate.
Photo: Wikipedia User Kristiantiholov
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