Target Canada closes all 133 stores and sheds 17,000 jobs

By Admin
Follow @SamJermy and @SupplyChainD on Twitter.American discount retailer Target has announced its exit from Canada, after a highly-anticipated but ultim...

Follow @SamJermy and @SupplyChainD on Twitter.

 

American discount retailer Target has announced its exit from Canada, after a highly-anticipated but ultimately disastrous launch only two years earlier.

The Canadian subsidiary of the Minneapolis-based firm, which has filed for bankruptcy protection, will close all of its 133 stores across the country and leave 17,600 employees out of work.

"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," said Brian Cornell, who was named chief executive officer only six months ago.

"With the full support of Target Corporation's board of directors, we have determined that it is in the best interest of our business and our shareholders to exit the Canadian market and focus on driving growth and building further momentum in our US business," he said.

Target was among the first of a wave of US retailers opening stores in Canada that also included Nordstrom, Saks and J. Crew.

The slew of stores ranging from big box out of town outlets to high end department stores have been plotting ambitious growth north of the Canada-US border.

The allure was supposedly higher sales per square foot in Canadian malls compared to their American counterparts in recent years.

For more information on Target Canada’s supply chain management disaster, please visit: http://www.supplychaindigital.com/supplychainmanagement/4/Rough-Landing-for-Target-Canadas-Supply-Chain-Leaves-Other-Retailers-Wary

Share

Featured Articles

Disruptive supply chain tech for 2023 - FourKites

Delbert Cope, CTO at supply chain visibility platform FourKites, on the tech likely to have the biggest impact for supply professionals in 2023

Blockchain strengthening links in supply chain

Though use of blockchain solutions in supply chain is still relatively low, Tech Mahindra is among pioneers driving its adoption

Earthquake tech inspired Partsch to invent SCM in 1970s

In the late 1970s, physicist Dr Wolfgang Partsch - the father of supply chain management - used science as the basis for his revolutionary concept of SCM

SaaS bloat 'hitting procurement bottom lines'

Digital Supply Chain

Cold chain logistics 'flying blind' - Tive & FreightWaves

Technology

Logistics innovation 'hampered by C-suite, cash & staffing'

Digital Supply Chain