Retailer Target to close all of its 133 stores in Canada

(BBC) The US discount store Target is to shut all of its 133 stores in Canada two years after launching there.

On current trading performance, Target Canada, which employs 17,600 people, would not be profitable before 2021, its US parent said in a statement.

Target Canada, which has filed for bankruptcy protection, faced tough competition from Walmart and Costco, which opened in the country years ago.

Target said the closure was in the "best interest of the business".

Chairman and chief executive Brian Cornell said in a statement: "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,"

He said the focus now would be on "driving growth" in the US, where it has 1,801 stores. Full Story

Related: Why Target’s Canadian Expansion Failed