Wendy future of retail top

Target Canada to shut down this month

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MINNEAPOLIS — Target Corp. plans wrap up its exit from the Canadian market this month.

Target Canada Co. said Thursday that it will complete its inventory liquidation and shut the last of its 133 discount stores to the public on April 12. The Target subsidiary employed about 17,600 people.

In addition, Target Canada’s three distribution centers and Mississauga, Ontario, headquarters have been closed. Liquidator-led fixture sales will continue in some locations, according to the company.

“We are pleased with the results of the liquidation sales to date and the speed at which we have moved through the wind-down process. We want to once again thank all Target Canada team members for their hard work and great adaptability through this process,” Target Canada chief executive officer Aaron Alt said in a statement. “The court-approved real estate sales process is under way and is expected to be completed by the end of June 2015.”

Target unveiled its plan to pull out of the Canadian market in mid-January, when it announced that Target Canada filed an application for protection under the Companies’ Creditors Arrangement Act (CCAA) with the Ontario Superior Court of Justice (Commercial List) in Toronto.

The company announced its plan to enter the Canadian market in early 2011 with a $1.8 billion deal to buy sites of discount store chain Zellers Inc. from Hudson’s Bay Co.

In Canada, Target employed a pharmacy franchise model that allowed pharmacists to own and operate pharmacy businesses inside its stores. During the lead-up to the opening of its first Canadian locations, Target said it aimed to operate pharmacies in as many stores in Canada as possible.


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