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MINNEAPOLIS — Target Corp. said on Thursday that it will discontinue its Canadian operations and has sought court approval in that country to begin the liquidation process of Target Canada Co.
Target Corp. said on Thursday that it will discontinue its Canadian operations and has sought court approval in that country to begin the liquidation process of Target Canada Co.
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"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," explained chairman and chief executive officer Brian Cornell.
"With the full support of Target Corp.’s board of directors, we have determined that it is in the best interests 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."
Target Canada currently has 133 stores across the country and employs about 17,600 people.
"The Target Canada team has worked tirelessly to improve the fundamentals, fix operations and build a deeper relationship with our guests," said Cornell.
