Headlines

Target to Shutter Canadian Business

Cites $2 billion in operating losses

Published

9 years ago

January 15, 2015

Sarah Whitman

Target Corp. (Minneapolis) announced today that it plans to close up shop in Canada, less than two years after entering the market.

According to Bloomberg, the company had amassed more than $2 billion in operating losses since 2011.

“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,” said Brian Cornell, Target Corp. chairman and ceo, in a statement.

Cornell said the Canadian division had hoped for a turnaround during the holidays, but it didn’t come. Target opened three additional stores in Canada as recently as October.

Target operates 133 stores across Canada and employs about 17,600 people.

MasterClass: ‘Re-Sparkling’ Retail: Using Store Design to Build Trust, Faith and Brand Loyalty

HOW CAN WE EMPOWER and inspire senior leaders to see design as an investment for future retail growth? This session, led by retail design expert Ian Johnston from Quinine Design, explores how physical stores remain unmatched in the ability to build trust, faith, and loyalty with your customers, ultimately driving shareholder value.

Presented by:
Ian Johnston
Founder and Creative Director, Quinine Design