[HISSTANK]

Originally posted by: Sergeant Major @ Hisstank.com

Quote:

Bad news for our friends in Canada - Word has been received through several media sources (including Fortune, quoted in this piece) that Target Canada has decided to close all of it's stores across the Country. In total, Target Canada employs roughly 17,000 people across 133 stores, this news will definitely come as a blow to Collectors and families alike.

Granted, Target Canada was known for not having what shoppers wanted in stock, or worse, having that stock and charging anywhere from 2% - 8% more than it's competitors. Besides all that, this means one less outlet for Canadians to purchase their favorite Modern Army Action Figure. The only positive here is that all Target Canada stores will of course liquidate their stock, saving a pretty penny for shoppers.

From Fortune -

The stores will remain open during the retailer’s liquidation process. As a result of the move, Target is expected to report about $5.4 billion of pre-tax losses on discontinued operations for the fourth quarter of 2014, driven primarily by write-downs for the company’s investment, along with costs associated with the exit from that market. Cash costs to discontinue the Canadian operations will be $500 million to $600 million, most of which will occur in the company’s fiscal 2015 or later.

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