Bummer. Target has just announced it will close all locations in Canada, less than two years since opening.
It seems like just yesterday that we were freaking the eff out about Target coming here, with the thought of finally shopping designer collabs thrilling budget fashion lovers country-wide.
But the last few years have been less than stellar for Target, with complaints about higher prices than in U.S. stores and lack of product availability contributing to the company’s billion-dollar loss in its first year in Canada. It’s still losing money, which was highlighted in today’s announcement:
“After a thorough review of our Canadian performance and careful consideration of the implications of all options, we were unable to find a realistic scenario that would get Target Canada to profitability until at least 2021,” said Target CEO Brian Cornell.
There are 133 stores countrywide, with over 17,000 employees who will lose their jobs. The shutdown will cost Target $600 million. Meanwhile, shoppers will lose out on the ability to shop designers like Altuzarra while picking up tampons. Actually, let’s make that huge bummer.