Target Canada Files for Bankruptcy

TWL_2015_jan_blog11After struggling for years in Canada, Target will close its doors north of the border. America’s second-largest retail chain is set to close all of its 133 retail locations in Canada, resulting in a loss of more than 17,000 jobs.  According to Target officials, the retailer’s Canadian operations were not expected to be profitable before 2021. In a CNN Money article Target’s CEO Brian Cornell said, “This was a very difficult decision, but it was the right decision for our company.”  To help facilitate the closing of the stores, a Canadian court approved $175 million in bankruptcy financing and $59 million in funding for employee severance.

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Image Source: Mike Mozart