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.”
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