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The U.S. discount retailer has struggled since its 2013 launch
in Canada, and it said in November that it would review the
future of its loss-making Canadian business after the holiday
season.
Huge supply chain problems left stores thinly stocked,
disappointing shoppers who had eagerly anticipated the
retailer's move into Canada, where the discount retail space had
long been dominated by Wal-Mart Stores Inc.
Target, which currently has 133 stores in Canada, said it has
sought bankruptcy protection in Canada and that it plans to
discontinue operating stores in Canada through its indirect
wholly-owned subsidiary, Target Canada Co.
It said stores would remain open during liquidation, and that
with court approval it would pay all of its Canadian employees a
minimum of 16 weeks of compensation.
(Reporting by Euan Rocha and Allison Martell; Editing by Alden
Bentley)
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