November 22, 2024 10:46 am
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Target can no longer blame Canada

Target

By Ben Rooney | CNN MoneyTarget

Target Canada is closing up shop. Target said Thursday that it will begin winding down its Canadian operations, which include 133 stores that employ 17,600 people.

The Minneapolis-based company said it reviewed its Canadian subsidiary’s performance and concluded that it would not be profitable until 2021.

“This was a very difficult decision, but it was the right decision for our company,” said Target CEO Brian Cornell.

The second-largest U.S. retail chain, Target (TGT) has struggled in Canada for years. The company said it will take a $5.4 billion pre-tax loss against earnings in the fourth quarter due to the shutdown in Canada.

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