Target Closing All Stores in Canada

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CraigV
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Target Closing All Stores in Canada

Post by CraigV » Thu Jan 15, 2015 6:50 am

Get ready for details ... Target just announced they are pulling out of Canada and closing all their stores.

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Re: Target Canada In Store Clearance

Post by legoeggo » Thu Jan 15, 2015 6:55 am

That's awful that Target is closing, no more amazing deals, or great products. Just s***ty Walmart from now on.

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Re: Target Canada In Store Clearance

Post by kokot » Thu Jan 15, 2015 7:28 am

That's very sad. I really liked shopping there.

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Re: Target Canada In Store Clearance

Post by Jakazawa » Thu Jan 15, 2015 8:08 am

Agreed Target was a much better shopping experience... Very sad for all the people who work there... The launch of target in Canada was completely botched.

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Re: Target Canada In Store Clearance

Post by legome » Thu Jan 15, 2015 8:18 am

Terrible news

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Re: Target Canada In Store Clearance

Post by legome » Thu Jan 15, 2015 8:30 am

So are the stores closed already or....?

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Re: Target Canada In Store Clearance

Post by harry99 » Thu Jan 15, 2015 8:33 am

They are open - just under creditor protection probably. The creditors want to see the most return on remaining inventory/assets as Target stopped paying bills. Liquidation will probably be similar to what we saw with Zellers...
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Re: Target Canada In Store Clearance

Post by legoda7 » Thu Jan 15, 2015 8:37 am

when can we expect price-drops?

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Re: Target Canada In Store Clearance

Post by cmrt1014 » Thu Jan 15, 2015 9:25 am

From the news report I just read, Target is closing down their operations in Canada. They've been approved to put a bunch of money into an employee trust that will give all employees a minimum of 16 weeks of pay and benefits as they close down operations. The stores will stay open during the liquidation. :down:

More details:

http://www.charter.net/news/read/catego ... _canada-ap

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Re: Target Canada In Store Clearance

Post by hatcher » Thu Jan 15, 2015 9:58 am

Too bad for the employees (losing jobs) but Target hasn't turned a profit since they came to Canada. The article in the Toronto Sun website shows they've lost $2 BILLION since coming here. Sigh. No word yet on when they are closing, but I hope that they will have some liquidation sales when they do.
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Re: Target Canada In Store Clearance

Post by harry99 » Thu Jan 15, 2015 10:38 am

Probably means no new stock though as any orders would be canceled and/or returned to manufacturers as the bills wouldn't get paid anyways... shelves are pretty bare already.
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Re: Target Canada In Store Clearance

Post by indiababu » Thu Jan 15, 2015 10:46 am

Hi,

In light of the Target pullout from Canada, any signs of any Lego clearance yet?

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Re: Target Canada In Store Clearance

Post by mdoupe » Thu Jan 15, 2015 11:40 am

According to an article I read, target is setting up a trust that will pay the average employee for about 16 weeks once they close. Very decent of them.

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Re: Target Canada In Store Clearance

Post by hatcher » Thu Jan 15, 2015 12:10 pm

indiababu wrote:Hi,

In light of the Target pullout from Canada, any signs of any Lego clearance yet?
LOL. Since they will be open for at least another 4 months, don't expect anything immediately.

I think what is more likely is they just won't be restocking. Any orders that were already coming in will probably be delivered, but why would you order more stock that you are just going to have to sell at a loss 2 months from now?
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Re: Target Canada In Store Clearance

Post by CraigV » Thu Jan 15, 2015 1:47 pm

^Agree.

It will probably be even less of a liquidation process as it was for Zellers given that current stock is so low and that they just cleared a bunch of SKUs out post Christmas. Zellers had a glut of product to dispose of as their prices were so bad and inventory so high.

I'm going to miss the "hunt" at Target. I had got used to stopping in to find the unadvertised sales and playing the wait and see game for items in the hopes they'd drop to 50% or 70% off and still be on the shelves.

Horrible for the staff too of course. It's also going to impact a lot of others too (ie. all the Starbucks staff that work with Target, other services, etc).

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Re: Target Canada In Store Clearance

Post by Claybricks » Thu Jan 15, 2015 4:40 pm

I read this on the CBC news site.

"A spokesman with the company told CBC News that Target expects the process to take between four and five months until the doors are closed for good."

So the liquidation sales may not be coming right away.

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Re: Target Canada In Store Clearance

Post by legome » Thu Jan 15, 2015 5:57 pm

All the Targets near me just started putting out the Valentine's day stuff.... they also took down ALL giftcards that they sell

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Target Closing All Stores in Canada

Post by Toys N Bricks » Thu Jan 15, 2015 6:26 pm

Target today has announced that it will be exiting the Canadian market. The 133 stores across the country will be closed. The giant retailer has been struggling in Canada ever since its arrival 22 months ago. In 2013, it suffered almost $1 billion in losses. They've tried to make some commitments and some changes back in Summer 2014. But in the end, it didn't work out. Supply chain management, high prices and products that are not comparable to its US stores are some of the reasons for its failure. Target Canada employees will receive a minimum of 16 weeks of compensation from the Employee Trust.

Target Canada stores are expected to be open for another 16-20 weeks during the liquidation process. Keep an eye out at your local Target store as there will probably be clearances (including LEGO) happening soon. For more information, please visit the Target.ca website.

Wal-Mart Canada is definitely going to be happy with the news. Though, for Canadians, that means one less place to shop. No more Zellers or Target. What will replace them?



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Target Canada In Store Clearance

Post by harry99 » Thu Jan 15, 2015 6:53 pm

This was surprising - you'd think that after all the money that they invested they would have stuck it out a bit longer...
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Re: Target Canada In Store Clearance

Post by Stragus » Thu Jan 15, 2015 8:01 pm

harry99 wrote:This was surprising - you'd think that after all the money that they invested they would have stuck it out a bit longer...
Yet, they made some mindbogglingly huge mistakes up here in Canada.

How could they skip developing a real website? It's not just to place orders online, it's also for people to be able to see what products are being offered, what the prices are and where they have it in stock.

Some critical mistakes have been made, and they somehow decided it was cheaper to pull out than to fix them.

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