Target Canada Will Close Its Doors

Target Corporation will close its operating stores in Canada through its indirect wholly-owned subsidiary, Target Canada Co. As a result of the decision, Target Corporation will operate as a single segment that includes all US operations. Target Canada currently has 133 stores across the country and employs approximately 17,600 people.

“When I joined Target, I promised our team and shareholders that I would take a hard look at our business and operations in an effort to improve our performance and transform our company. After a thorough review of our Canadian performance and careful consideration of the implications of all options, we were unable to find a realistic scenario that would get Target Canada to profitability until at least 2021. Personally, this was a very difficult decision, but it was the right decision for our company,” said Target Corporation Chairman and CEO Brian Cornell.

“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 US business,”  he added.