From Home Furnishing Business
Target to Close All Canada Stores
Target employees 17,600 people in Canada.
Brian Cornell, Target chairman and CEO, said the retailer’s performance in Canada would not allow the company to reach profitability until 2021.
“Personally, this was a very difficult decision, but it was the right decision for our company,” Cornell said. “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.”
The company expects cash costs to close the Canadian operation are expected to be $500 million to $600 million, most of which will occur in the company’s 2015 fiscal year or later.