Yahoo News (@YahooNews) January 15, 2015
The Target Corporation announced today, Jan. 15, that it will be seizing all Canadian operations effective immediately.
The chain, which recently opened 133 stores across the country and employs over 17,500 people, reports that sales in Canada would not have realistically been profitable until 2021.
Target CEO Brian Cornell made the statement, “Personally, this was a very difficult decision, but it was the right decision for our company.”
The corporation is expected to report $5.4 billion in pre-tax losses, not including the hundreds of millions it will cost to close the stores in the 2015 fiscal year.
Based in Minneapolis, MN, Target is the second-largest discount retailer in the United States, following only Walmart. While operations in Canada have been a failure, US stores will brighten up their shelves this spring with an exclusive Lilly Pulitzer collection.
So the retail giant is backing out of the True North, eh? Find out aboot how much this is costing them…