Target Plans to Close Its Stores in Canada
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Target(MINNEAPOLIS) — Target is closing its doors in Canada.
The Minneapolis-based retailer announced on Thursday that it plans to stop operating stores throughout the country after failing to make profits.
“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,” Target CEO Brian Cornell said in a statement.
Target said it filed an application for protection under the Companies’ Creditors Arrangement Act with the Ontario Superior Court of Justice in Toronto Thursday morning, seeking the court’s approval to begin liquidation.
The retailer currently has 133 stores across Canada and approximately 17,600 employees.
“The Target Canada team has worked tirelessly to improve the fundamentals, fix operations and build a deeper relationship with our guests. We hoped that these efforts in Canada would lead to a successful holiday season, but we did not see the required step-change in our holiday performance,” Cornell said.
“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,” he added.
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