Target Canada has filed for creditor protection, will be shutting all 133 locations across the country.
Target’s Canadian experiment has officially ended: today, the retailer announced that it will be halting its operations here and seeking court approval to start the liquidation process.
The company currently operates 133 Target stores across the country—five in Toronto—and employs about 17,600 people. Target is looking for court approval to establish an employee trust, which would provide most Canadian employees with a minimum of 16 weeks of pay.
“After a thorough review of our Canadian performance and careful consideration of the implications of all options,” said Brian Cornell, Target Corporation Chairman and CEO, “we were unable to find a realistic scenario that would get Target Canada to profitability until at least 2021.”