It seems like just moments ago the country was buzzing about the arrival of Target stores across Canada. Sadly, the company has now announced that, after experiencing financial losses as high as $1 billion a year, it will be pulling out of Canada.
One of the toughest aspects of Target’s closure is the fact that 17,600 employees will lose their jobs. Fortunately, CBC News reports, the company is seeking the court’s permission to set up a fund that will allow all employees affected by the move to receive at least 16 weeks of severance pay.
What will become of the 133 stores when Target departs remains to be seen. It will be sad to see that familiar red and white Target symbol go!