Target Canada: Closing all 133 Stores in Canada
Target Canada has filed for creditor protection and will be closing all 133 stores across Canada 🙁
Target launched in Canada in March 2013 (less then 2 years ago) with lots of excitement, but quickly disappointed shoppers with higher then expected prices and often empty shelves because of distribution issues. The National retail chain lost almost $1 billion dollars in it’s first year in Canada and estimated they wouldn’t be able to turn a profit until 2021.
Unfortunately, 17,600 Target employees will lose their jobs.
I remember having to line-up to get into the store on the first day they launched in Canada. I strolled around the store with my family and was underwhelmed by the product selection and prices. We didn’t buy anything that day and never visited the store again. I had a feeling it was just matter of time before this would happen. They did a lot of things wrong, but perhaps their biggest downfall was because they couldn’t live up to all the hype they built up when they announce they were coming to Canada.
I would expect major clear-out sales in the near future. The liquidation process is expected to take around 4-5 months until they doors close their doors for good. All Target Canada stores will remain open during that process.
Click here to visit CBC’s website for more details.
Click here to visit Target Canada’s website.