Target is closing all of its stores in Canada, less than two years after its splashy debut. The Minnesota-based retailer announced on Thursday that it plans to discontinue operating its 133 Canadian stores to stem financial losses that went as high as $1 billion a year. Around 17,600 employees are expected to lose their jobs. A Target spokesperson told Mashable that the company's rapid expansion partly led to its failure in Canada. Target said Thursday that it expects about $5.4 billion in fourth-quarter losses from discontinued operations in Canada. It foresees about $275 million of losses on discontinued operations in fiscal 2015. For now, Target has no immediate plans to take another run at the Canadian market. http://on.mash.to/1KO0Nvg http://bit.ly/1fJ5yqZ
Target to Close All 133 Canadian Stores; 17,600 Employees Will Lose Jobs
Target is closing all of its stores in Canada, less than two years after its splashy debut. The Minnesota-based retailer announced on Thursday that it plans to discontinue operating its 133 Canadian stores to stem financial losses that went as high as $1 billion a year. Around 17,600 employees are expected to lose their jobs. A Target spokesperson told Mashable that the company's rapid expansion partly led to its failure in Canada. Target said Thursday that it expects about $5.4 billion in fourth-quarter losses from discontinued operations in Canada. It foresees about $275 million of losses on discontinued operations in fiscal 2015. For now, Target has no immediate plans to take another run at the Canadian market. http://on.mash.to/1KO0Nvg http://bit.ly/1fJ5yqZ
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