Target Corp will abandon its ill-fated expansion into Canada less than two years after its launch. Katharine Jackson reports.
Target is pulling out of Canada, the U.S. discount retailer said on Thursday. The surprise decision to shut all 133 stores will put more than 17,000 employees out of work and cost the company billions. Target has struggled in Canada since its ill-fated 2013 launch. Huge supply chain problems left stores thinly stocked, disappointing shoppers who had eagerly anticipated the retailer's move into the country. The company said with court approval it will pay its Canadian employees a minimum of 16 weeks of compensation. And stores will remain open during liquidation.