Say good bye to the red bullseye!
US based retail company Target says it will close its 133 Canadian stores that employ 17,600 people after only 2 years in the country.
US CEO Brian Cornell said in a statement that it was a hard decision for the company, but they could not find a way to become profitable until 2021.
Target stores will remain open during the liquidation process and the company says it’s working to ensure employees are paid at least 16 weeks of severance. They also say they will work with an advisor to sell their real estate and expect to spend between US$500 million and US$600 million in cash to end Canadian operations.
Locally, stores affected include: The Pen Centre: 221 Glendale Ave., St. Catharines, RioCan: 7190 Morrison St., Niagara Falls and the Seaway Mall: 800 Niagara Street North in Welland. (Map below).
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