Target to Abandon Canada After Racking Up Billions in Losses
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Target Corp. will walk away from Canada less than two years after opening stores there, putting an end to a mismanaged expansion that racked up billions in losses.
The Canadian division, which employs 17,600 people, is seeking court approval to begin liquidation, the Minneapolis-based retailer said today in a statement. Dismantling operations north of the border will lead to a $5.4 billion writedown this quarter, though it will boost profit by next year, Target said.