Holy crap, lovelies. Bye bye, Sonia Kashuk. Bye bye, Pixi. And bye bye all the great brands in the slideshow here. Better make that local Target Canada run fast -- Target has just announced that it's closing down all its Canadian stores. Apparently business here has been so dismal that Brian Cornell, Target Corporation Chairman and CEO, says it would take another six years (2021) to make Target Canada profitable. So they're officially leaving. Getting the heck out of the Great White North. Liquidating.
According to a CP24 news clip this morning, even the most recent holiday selling season failed to meet profit hopes. In fact, it lost almost a billion in its first year of Canadian operations. (Update: this Gawker "Why Was Target Canada Such a Disaster" piece from last May is a shocking read.)
There are 133 Target Canada stores and about 17,600 employees. This morning's press release says the Target Corporation is implementing a plan that would see "nearly all Target Canada-based employees receive a minimum of 16 weeks of compensation, including wages and benefits coverage for employees who are not required for the full wind-down period."
If you shop at Target Canada, you'll be able to do so pretty much until everything is gone. *sigh*
So disappointing. What do you think?