By — Megan Thompson Megan Thompson Leave your feedback Share Copy URL https://www.pbs.org/newshour/economy/target-shutting-canada-two-years Email Facebook Twitter LinkedIn Pinterest Tumblr Share on Facebook Share on Twitter Target shutting down in Canada after only two years Economy Jan 15, 2015 6:25 PM EDT Target announced Thursday that it will shut down its struggling operations in Canada, less than two years after its launch there. The retail giant will close 133 stores and lay off more than 17,000 Canadian employees. The failed expansion in Canada already cost the company around $2 billion, and it expects a writedown of more than $5 billion for the last quarter of 2014. Target’s expansion into Canada has been largely calamitous since the launch in March 2013. Customers found shelves in some stores empty due to supply chain problems. Shoppers also complained that Target’s prices in Canada were higher than in its American stores. In a statement Target Chairman and CEO Brian Cornell said, “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.” Cornell became CEO last summer after the previous chief, Gregg Steinhafel, stepped down in May. Two weeks later, the head of operations in Canada was laid off. Although retailer’s problems in Canada have been widely known, the sudden decision to close all the stores was considered a surprise. Minnesota-based Target is the second-largest discount retailer in the U.S., after WalMart. We're not going anywhere. Stand up for truly independent, trusted news that you can count on! Donate now By — Megan Thompson Megan Thompson Megan Thompson shoots, produces and reports on-camera for PBS NewsHour Weekend. Her report "Costly Generics" earned an Emmy nomination and won Gracie and National Headliner Awards. She was also recently awarded a Rosalynn Carter Fellowship to report on the issue of mental health. Previously, Thompson worked for the PBS shows and series Need to Know, Treasures of New York, WorldFocus and NOW on PBS. Prior to her career in journalism she worked in research and communications on Capitol Hill. She originally hails from the great state of Minnesota and holds a BA from Wellesley College and a MA in Journalism from New York University. @megbthompson
Target announced Thursday that it will shut down its struggling operations in Canada, less than two years after its launch there. The retail giant will close 133 stores and lay off more than 17,000 Canadian employees. The failed expansion in Canada already cost the company around $2 billion, and it expects a writedown of more than $5 billion for the last quarter of 2014. Target’s expansion into Canada has been largely calamitous since the launch in March 2013. Customers found shelves in some stores empty due to supply chain problems. Shoppers also complained that Target’s prices in Canada were higher than in its American stores. In a statement Target Chairman and CEO Brian Cornell said, “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.” Cornell became CEO last summer after the previous chief, Gregg Steinhafel, stepped down in May. Two weeks later, the head of operations in Canada was laid off. Although retailer’s problems in Canada have been widely known, the sudden decision to close all the stores was considered a surprise. Minnesota-based Target is the second-largest discount retailer in the U.S., after WalMart. We're not going anywhere. Stand up for truly independent, trusted news that you can count on! Donate now