Target to close all Canada stores, after barely 2 years
US retail giant concedes defeat; 17,600 workers to lose their jobs
Ottawa, Canada
LESS than two years after opening in Canada, Target has conceded defeat and said it would shutter all its 133 stores, bringing an infamously ill-managed northward foray by the American retail giant to an abrupt end.
About 17,600 people will lose their jobs, Target said, and the Canadian operation would be placed under bankruptcy protection, underscoring the severity of the blunder by one of the largest retailers in the United States.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Consumer & Healthcare
Starbucks points to weaker consumer as profit falls
Restaurant Brands tops estimates as Burger King overhaul pays off
Walmart to shut all health centers in US over lack of profitability
Coca-Cola raises annual sales forecast on global demand, higher prices
Dying salmon trouble Norway’s vast fish-farm industry
Fast-fashion giant Shein wants to sell skincare, toothpaste and toys, too