Target Canada Closes Stores - Leaves Lindsay Ontario!
|Target Canada Closes 133 Stores|
What did Target Canada have to say about closing the stores? What did Mayor Andy Letham say about the stores closing?
Glad you asked!
Target Canada Closing 133 Stores
Target Corporation states it conducted a thorough assessment and analysis of all available options and engaged a variety of third parties to do the same. Options ranged from exiting Canada, to dramatically reducing the company’s footprint, to closing a few stores. The company was not able to identify a scenario by which Target Canada would become profitable until at least 2021 - six years from now.
What happens to Target Canada employees? All Target Canada-based positions will be eliminated over time. Target Canada management will begin evaluating the needs of each position and will communicate the timing to team members directly. At the request of Target Corporation Chairman and CEO Brian Cornell, Target Corp. has created an Employee Trust to ensure that employees are treated appropriately. The Employee Trust will provide all eligible Target Canada-based team members with a minimum of 16 weeks of compensation, including wages and benefit coverage for those team members who are not required for the full wind-down period.
Which Target Canada team members are eligible for the Employee Trust? All current Target Canada team members, including those on both active and approved leaves, are eligible for the Employee Trust. Team members who voluntarily leave the company prior to their separation date forgo ongoing compensation.
Do you have returns to make or Target Canada Gift Cards? You may want to get into your local Target Canada Store ASAP.
Statement from Mayor Letham on the Closing of TargetThe announcement earlier this morning that Target would be closing their entire Canadian operation including in Lindsay was difficult news to hear. Since opening Target has been a steady employer providing area residents with jobs and wages here in our community. While it won’t make up for the loss of jobs, news that the company is planning to provide 16 weeks of pay to each employee while transitioning through the closure will certainly be a benefit to many in our community.
Council will continue to work and make decisions to help foster an environment for growth in our community and with the pending completion of the North West Trunk we can look forward to new development and opportunities in the near future.
Today, let’s keep the employees and their families in our thoughts and minds and start working together to strengthen our communities, build on our strengths and foster opportunities for a better tomorrow.
Sincerely, Mayor Andy Letham
What do you think made it difficult for Target Canada to gain a profitable foothold in Canada??
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