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Wikinews:Briefs/February 5, 2015/3

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Thursday, February 5, 2015

Target Canada starts liquidation sales; will be closing their doors

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Photo of a Target store in Hillcrest Mall in Ontario, Canada
Image: Raysonho.

Target Canada will be closing its 133 stores soon, but first they are starting their liquidation today. The prices will be anywhere from 5 to eventually eighty percent off of their normal rate. Target customers will also be able to buy Target's work articles and shelves. This is a big loss in the aspect of employment in Canada because around 17,000 Target employees will now be unemployed because of the shut down of its stores. The sale is expected to run around 2 months. However, the merchandise offered will differ because some stores have not been taking in anymore product.

Another concern for Target Canada is the pharmacies set up within the stores that are not affliated with Target that will now have virtually no time to find new workspaces and no time to come up with a plan for their customers. Target Canada opened its doors in March 2013 and within the first year were already $7 billion in the hole and, according to their calculations, were not going to see a signigicant profit for many years. Landlords that own the spaces where the stores are located will be faced with the difficult challenge of finding new tenants while malls will be challenged with the loss of a huge store within their businesses.

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