Target to pull out of Canada, file for creditor protection

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TORONTO, Ont. — Target has announced it is winding down its Canadian operations and filing for creditor protection in Canada.

The news stunned the retail world.

In a blog post, Brian Cornell, Target chairman and CEO, explained the move.

“Target Canada business had reached the point where, without additional funding, it could not continue to meet its liabilities. Simply put, we were losing money every day. After consulting with many leading third parties and carefully weighing the realities of the situation facing us in Canada, we decided that Target Canada would file for what is known in Canada as the Companies’ Creditors Arrangement Act (CCAA). It was the best option available to enable us to wind down our operations in Canada in a fair and orderly way.”

You can read more from Cornell here.

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  • Glad to see them go…. we don’t need anymore big box American stores. They can take Walmart, Home Depot, Lowes, Staples, Best Buy and every other one with them……

    • Oh really? Those American retailers that you obviously hate are responsible for the lower prices and better customer service that you and loved ones enjoy.
      They forced over-priced, uncompetitive Canada retailers to step up their game.
      You can chest-thump all you want about paying higher prices and poor service.

  • Competition for competitions sake is never a good idea, unless you have very deep pockets. Obviously Target (Canada) didn’t.

    Typical American company though, expand into Canada like we are a 51st state or something. No thought whatsoever into the logistical reality that is Canada.

  • I guess it doesn’t help that the Canadian Retail Association complained that it would be unfair to established businesses in Canada that Target would sell items a huge discount rate. I guess we Canadians just like limited products and services as usual. Canada is all about protecting the high cost of we presently have have and use including the ridiculously very over price real estate market. Target failed because we wanted them to fail plain and simple. Go to WalMart where the price is the same anywhere else.

  • Went into one in Winnipeg and thought the prices were too high in comparison to Super store where we do most of our big box shopping.
    Have been in one store in the states and it is like Wall Mart I have better
    things to do than shop from store to store for the best price.

  • Problem I see is that Target was ran the same as Zeller’s was. I would go to Zeller’s, find empty shelves, and have to go to Wal Mart. Go to Target, find the same empty shelves, and have to go to Wal Mart. If I had to eventually go to Wal Mart anyways to complete my shopping, it was just easier, and less time, to just go there first.

  • Agree with Kenneth B Armstrong…..

    To Rik…as you post your ridiculous comment and ask the Americans to take all their box stores back home with them, I’m sure you say that because you have NEVER spent a dime in any of those stores? What Canadian chain offers the price , large quality product choice and service those stores do? Rona?? Canadian tire? Home hardware?? Not even close… Canadian tire has turned into a junk flea market product bazaare , and the other two carry next to nothing at higher prices. You’ll be the first one crying if all the others pulled out too. Wait, not just you..the THOUSANDS of Canadians they EMPLOY may not be so happy either.

    Do I like big box stores?, no not really, but that’s the way it is now and that’s what it takes for them to be competitive. Gotta love North America..we all want to make top hourly wages, but none of us want to pay anything but cut rate prices for everything we use. Sort of ironic.