By The Canadian Press

Target to close up shop in Canada

Jan 15, 2015 | 7:20 AM

TORONTO – Target says it will discontinue operating stores in Canada — a market that it entered only two years ago.

The U.S. based retail company currently has 133 Canadian locations and 17,600 employees across the country.

The company says the stores will remain open during a court-supervised liquidation period and it’s working to ensure surplus employees are paid at least 16 weeks of severance.

Target says it will also work with an advisor to sell its real estate.

Target Canada has struggled from the start and there has been speculation in business circles that its days were numbered.

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Its parent in Minneapolis said Thursday that it expects to spend between US$500 million and US$600 million in cash to discontinue the Canadian operations.

Target Corp. will also about US$5.4 billion in pre-tax losses in its fourth-quarter, mostly related to the Canadian operation.

News from © The Canadian Press, 2011