MINNEAPOLIS — Target is shutting down in Canada.
Target Corp. Chairman and CEO Brian Cornell said Thursday that the company was unable to find a realistic scenario in which the 133-store Target Canada would become profitable before at least 2021. It is Cornell's first major move since becoming CEO in August.
Cornell, who's been tasked with maintaining the retailer's momentum and reclaiming its image as a purveyor of cheap chic fashions and home decor, said it was a difficult decision "but it was the right decision for our company."
"We have determined that it is in the best interest of our business and our shareholders to exit the Canadian market and focus on driving growth and building further momentum in our U.S. business," he added.
Cornell said Target Canada worked hard to fix its operations and improve its relationship with customers, but that it didn't see the changes it was looking for over the holiday period.
Target entered Canada in 2013. While operations there improved before the holiday season due to changes in pricing and product assortment, Target still wasn't satisfied with its performance.