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Target Canada Co. was a short-lived Canadian subsidiary of the Target Corporation, the eighth-largest retailer in the United States.Formerly headquartered in Mississauga, Ontario, the subsidiary formed with the acquisition of Zellers store leases from the Hudson's Bay Company (HBC) in January 2011.
It was formed in 2013 when Target acquired Zellers leases and converted them into Target stores. Target Canada was in operation for two years until the closure of all stores in 2015. [46] The retail chain racked up losses of $2.1 billion in its brief lifespan, and the Canadian news media termed Target's foray into Canada as a "spectacular ...
Target store during liquidation in Nepean, Ottawa, Ontario, Canada (store #3628), a former Zellers, now a FreshCo. On January 13, 2011, Target announced its expansion into Canada, when it purchased the leaseholds for up to 220 stores of the Canadian sale chain Zellers, owned by the Hudson's Bay Company. The deal was announced to have been made ...
During his tenure, Cornell shut down the loss-incurring Target Canada. [1] Cornell occasionally visits Target stores and asks guests about their shopping experiences. [1] As CEO, Cornell has been featured by news outlets such as CNN, which described him as Target's "ace CEO" and crediting him with the business' strong growth in the 2010s. [9]
Steinhafel received a severance package of $61 million and agreed to "remain employed by Target in an advisory capacity to assist with the transition through no later than August 23, 2014." [10] Steinhafel is a Director, Member of Nominating and Governance Committee and Member of Compensation & Human Resources Committee for The Toro Company.
In January 2015, Target announced it had filed for bankruptcy, and would discontinue all Canadian operations. [4] Target closed its doors on April 1, 2015, [citation needed] leaving a vacancy in the mall's largest department store space. This was followed by the closure of the mall's Sears on September 30, 2015.
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In 2011 Target announced its plan to open stores in Canada. With hundreds of locations across the U.S., expanding to Canada could logically drive growth. Unfortunately, a rough start and a recent ...