This morning's news is hard to believe. I mean, we knew we were having problems. But, was it really that bad? Couldn't we have worked it out?
Target sent shockwaves through Canada this morning with its decision to shutter all 133 of its Canadian stores due to poor sales. After launching here in March 2013, the company lost almost $1 Billion in its first year, and while losses have decreased since then, the chain continues to lose money daily. "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," the U.S. parent company's CEO Brian Cornell said in a release today. The company's 17,600 Canadian employees will receive 16 weeks of compensation during the shutdown period.I get it. They had to go. It was a failed project from the start. That bullseye's looking pretty prophetic now, isn't it?
But anyone else feel like they were just starting to fall in love with Target Canada? I loved using my Red card. I adored so many of the designer collaborations. Those little Starbucks cupholders that attached to the shopping carts were a stroke of genius. The Hallowe'en/Christmas/Easter section was the best. And does this mean we won't be able to get our hands on the Lily Pullitzer for Target collection this spring? Ack!
Even though we could sort of see this coming, the speed of the retreat is shocking, isn't it? Goodbye Target. I, for one, am sad to see you go.
