Target closing 133 stores in Canada

It was an experiment that bled money, and now Target Corp. has decided to close all of its 133 retail stores in Canada. The move will affect 17,600 employees. To help out its employees, the company has asked for the Superior Court of Justice’s approval to voluntarily make cash contributions of $59 million into an employee trust. Employees not needed during the liquidation period would receive a minimum of 16 weeks of compensation, including wages and benefits coverage, from the trust.

“We were unable to find a realistic scenario that would get Target Canada to profitability until at least 2021,” remarked Brian Cornell, Target Corp. chairman and CEO, in a company release.

Target has 1,800 stores in the U.S.