Target Is Leaving Canada, We Want Zellers Back!
Over 17, 000 will lose their jobs.
Oh, Target, your time in Canada was so short, and we don't really give any shits, because you kind of sucked anyway, at least in comparison to your American counterpart. Canadian Targets were just glorified Zellers, so we're happy to see the company is making a mass exodus out of Canada, we only hope the big Z comes back to fill the void.
News dropped of Target's Canadian departure after a financial news release was issued by the company. After losing billions (see a graph here) in the last few years, Target realized they wouldn't be profitable in Canada "until at least 2021." Best to quit while you're behind, right?
With 133 stores all across the nation, Target has a Canada-wide team of 17, 600 people, all of whom will be jobless after the company "winds down." Wages for 16 weeks post-close will be covered via an Employee Trust fund of $70 million, which still needs to be approved by the Ontario Superior Court of Justice .
There is a silver lining to be found in this dark cloud of gloom for Target Canada, other than the potential return of Zellers. According to Target, all Canadian stores "will remain open during the liquidation process" which could mean...wait for it...massive savings! A Target closing sale could mean major discounts on all sorts of stuff, well, at least on all the junk Target Canada stores actually have.
Read the full press release here.