Target closing

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


Join the conversation Load comments

Latest in Fashion & Style

Ben Sherman closing stores in Toronto and Vaughan Mills

Frank And Oak facing bankruptcy closing women's store in Toronto

Toronto store that championed local designers closes after 13 years

Toronto sneaker company reacts to allegations of firing staff for supporting BLM

What you need to know about the safety of nail salons in Toronto after recent outbreaks

The social distancing circles at Trinity Bellwoods are now popular spots for photo shoots

Toronto hair salon is helping turn used face masks into renewable energy

Hair salons and barber shops are open in Toronto but things look a lot different now