17,000 out of work as Target closes shop in Canada
MAJOR retail chain Target has announced it will stop operating its stores in Canada.
The company made the announcement to the public via Twitter and has already been given approval to make arrangements with creditors.
Business Insider reports that the closure will leave 17,000 employees without employment.
Target Corporation Chairman and CEO Brian Cornell said in a statement "personally, this was a very difficult decision."
"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."
Target Corporation announces plans to discontinue Canadian operations http://t.co/APNWT9u7gb— Target News (@TargetNews) January 15, 2015
Target Canada Granted CCAA Order http://t.co/qe1VmyhvBX— Target News (@TargetNews) January 15, 2015