Final Target Canada Store Closures Imminent
On Wednesday, Target Canada Co. said the last of its 133 Canadian Target stores would be closed on April 12. Minneapolis-based Target Corp. announced plans to exit the Canadian retail market after continuing losses on January 15.
“We are pleased with the results of the liquidation sales to date and the speed at which we have moved through the wind-down process. We want to once again thank all Target Canada team members for their hard work and great adaptability through this process,” said Aaron Alt, Target Canada CEO, in a statement. “The court-approved real estate sales process is underway and is expected to be completed by the end of June 2015.”
According to the company’s statements, sales of store fixtures would still continue in some locations. The company’s three Canadian distribution centers and its headquarters in Mississauga, Ontario – in the greater Toronto metropolitan area – have already been closed.
Target previously announced $5.1 billion in losses for exiting the Canadian retail market.
Twin Cities Business reported last month that the company disclosed it has realized a tax benefit of $1.6 billion related to the Canadian closing, which will be reflected in the company’s fiscal 2015 numbers.
In January, Target cut 550 local jobs of employees who supported Canadian operations. In March the company slashed approximately 1,700 additional jobs, primarily from its Twin Cities headquarters locations.