Target announces it's shutting down in Canada
Target has announced it will be pulling out of Canada, liquidating all of its Canadian stores and filing for creditor protection. The company announced the decision in a statement this morning, with CEO Brian Cornell saying they were "unable to find a realistic scenario that would get Target Canada to profitability until at least 2021."
The chain's 133 stores (including nine in the GTA) will be shut down this year, leading to the loss of 17,600 jobs across the country.
The mega-retailer, beloved for its whimsical household items and collaborations with big-name designers, has been dogged by poor financial performance since it moved north - the company posted a $1 billion loss in 2013. (The outlook's so poor, the company said it will actually cost them as much as $600 million to shut down.)
The Canadian expansion took over spaces formerly occupied by Canadian superstore chain Zellers - without yet another major chain looking to move in, it's unclear what tenant (or tenants) might be able to fill those spaces, including the spot earmarked by the chain for a massive new anchor store in the South Core.
Photo by Greg's Southern Ontario on Flickr
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