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Non-Tech : TGT: Target Corporation

TGT 94.15

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From: Ahda	1/15/2015 1:32:11 PM
	of 17

Target to shutter all stores in Canada By Hadley Malcolm and Bruce Horovitz, USA TODAY 1:02 p.m. EST January 15, 2015 Target is pulling out of Canada after two disastrous years. The U.S. retail icon said Thursday that it plans to abandon its 133 stores in Canada, which have suffered from poor supply chain management and a misguided pricing strategy. The operation has lost more than $2 billion since stores started opening in 2012. Target (TGT) stock is up about 1.2% in afternoon trading on the news, to $75.22 a share. The Canadian business is seeking court approval to begin liquidation, the Minneapolis-based retailer said in a statement. The move will lead to a $5.4 billion write-down. CEO Brian Cornell said in a statement that the holiday season wasn't strong enough to bolster Target Canada's chances for success.

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