Target Corp. will close its remaining stores in Canada by April 12, a month earlier than it initially anticipated.
Some stores have already begun to close in recent days. Target's three distribution centers and its headquarters outside of Toronto in Mississauga have already been shuttered, the Minneapolis-based company said Wednesday.
On Jan. 15, Target began the process to shut down its 133 stores in Canada less than two years after opening them. The Canadian stores represented Target's first international foray. It quickly fell flat with consumers who complained about items being priced too high or out of stock. Executives pulled the plug on the stores after recording more than $2 billion in losses.
"We are pleased with the results of the liquidation sales to date and the speed at which we have moved through the wind-down process, Aaron Alt, chief executive of Target Canada, said in a statement. "We want to once again thank all Target Canada team members for their hard work and great adaptability through this process."
He added that the court-approved process for disposing of its Canadian real estate is expected to be completed by the end of June.
Kavita Kumar
