TORONTO, Canada - Looks like our neighbors to the north, aren't taking to the red bull's eye. Target executives are shutting down all 133 stores in Canada due to lack of revenue.
The company's CEO, Brian Cornell, says looking ahead, Target wouldn't see profits until at least 2021, and that closing down, "Was the right decision for our company."
They didn't give it much of a shot. Stores had only been open in Canada since 2013. Cornell, also, says they took on too much too quickly.
Apparently, the company's slogan, "expect more, pay less" wasn't enough to keep customers in stores and inventory on the shelves.
Now, the company plans to refocus and target growing its business with the 1800 plus stores in the US. More than 17,000 target employees will be handed pink slips. In this case, red slips.
The store will be losing about $5.4 billion in 4th quarter losses.
Guess they really missed the bull's eye on this one.