Though Target Canada is closing down stores across the country, there is products on the shelves that must go.
With that in mind, the company is seeking a court-approved process to allow liquidation companies to sell off store contents potentially as soon as Thursday.
Target Canada announced mid-January that it will be closing down operations at 133 locations just two years after setting up shop north of the 49th parallel.
Roughly 17,000 employees will be affected across Canada and 200 in Cranbrook.
Store closures will vary by location, according to a company spokesperson, when the announcement was make two weeks ago.
Brian Cornell, Target Corporation CEO, cited profitability concerns—the company didn’t foresee Canadian operations becoming profitable till 2021—as the reasons for filing for bankruptcy.
“When I joined Target, I promised our team and shareholders that I would take a hard look at our business and operations in an effort to improve our performance and transform our company,” said Cornell, in a press release.
“After a thorough review of our Canadian performance and careful consideration of the implications of all options, we were undoable to find a realistic scenario that would get Target Canada to profitability until at least 2021. Personally, this was a very difficult decision, but it was the right decision for our company.”
Cranbrook’s Target location opened up on May 7, 2013.
“The Target Canada team has worked tirelessly to improve the fundamentals, fix operations and build a deeper relationship with our guests. We hoped that these efforts in Canada would lead to a successful holiday season, but we did not see the required step-change in our holiday performance,” said Cornell. “There is no doubt that the next several weeks will be difficult, but we will make every effort to handle our exit in an appropriate and orderly way.”
With files from the Canadian Press
