Post by Deleted on Jan 15, 2015 8:52:29 GMT -5
www.ctvnews.ca/business/target-pulling-out-of-canada-after-failed-expansion-1.2189973
Well that worth killing Zellers for
Target has stunned the retail community by announcing it's planning to close all its 133 stores in Canada and file for creditor protection.
The announcement Thursday deals a huge blow to Target Canada's 17,600 employees.
Target Canada says that to ensure fair treatment of its employees, nearly all will receive a minimum of 16 weeks of compensation, including wages and benefits coverage for those employees not required for the wind-down period.
All of Target Canada's 133 stores will remain open during the liquidation process.
Target Corporation CEO Brian Cornell said that after thoroughly reviewing the company's Canadian performance, Target Canada had little hope of reaching full profitability until at least 2021.
Cornell said the decision to pull out of Canada was a difficult one personally, but he believes it will be the right one.
"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," he said in a statement.
The announcement Thursday deals a huge blow to Target Canada's 17,600 employees.
Target Canada says that to ensure fair treatment of its employees, nearly all will receive a minimum of 16 weeks of compensation, including wages and benefits coverage for those employees not required for the wind-down period.
All of Target Canada's 133 stores will remain open during the liquidation process.
Target Corporation CEO Brian Cornell said that after thoroughly reviewing the company's Canadian performance, Target Canada had little hope of reaching full profitability until at least 2021.
Cornell said the decision to pull out of Canada was a difficult one personally, but he believes it will be the right one.
"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," he said in a statement.
Well that worth killing Zellers for
