Image: Kevin Dooley
Get ready to gloat. Why? Because it’s annoying when something gets so much advance fanfare and is such a gigantic let down. Like Target coming to Canada. Now, as we speculated, Target is pulling out of Canada. In numbers: 133 Target Canada stores will be liquidated and 17,600 Canadians will be left jobless. Target Canada is trying to establish an Employee Trust of CAD $70 million to pay their workers a 16-week severance package.
Statement from Target CEO Brian Cornell
“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.”
Last modified: January 19, 2015
