Two years and $1.6 billion later, Target is putting an end to its first expansion outside the U.S. The retailer announced Thursday that all 133 of its stores in Canada will closed.
“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 U.S. business,”
CEO Brian Cornell said in a statement. Target had faced issues with its prices, which were perceived as too high, and keeping shelves fully stocked. It had hoped to turn a profit by the end of 2013, but instead it had amassed about $1.6 billion in losses. Read more at the Minneapolis Star-Tribune.
{Andy Heller-Matzav.com Newscenter}
