National / International News
The giant retailer Target of Minneapolis said today it's closing down operations in Canada and has filed for bankruptcy protection to cover its North of the border operations. More on a move that could put more than 17,000 Canadians out of work. Plus, another major cross-border story developing today: Switzerland's currency surged 17 percent today, causing headaches for all sorts of Swiss exporters from wristwatches to cuckoo clocks. This after the Swiss Central Bank without warning gave up on trying to keep the euro-linked closer to the Swiss Franc. And at the big car and truck show going on in Detroit, the top honor in the car category went to Volkswagen's Golf, which comes in all sorts of flavors, from electric to diesel to muscle. But don't let that small car fool you.
Target Corp said on Thursday that it will cease operations in Canada and has filed for bankruptcy protection for its Canadian subsidiary.
Target has really struggled since its launch in Canada just a few years ago in 2013. The company said last November that it would review the future of its Canadian business after the holiday season.
Huge supply chain problems left Canadian stores thinly stocked, disappointing shoppers who had anticipated Target’s move into Canada where the discount retail space has been dominated by Walmart.
Target currently has 133 stores in Canada, employing 17,600 workers.
According to a Target press release, if a court approves it, the company would create a trust fund of $59 million for its employees, giving them a minimum of 16 weeks of compensation. The company says its Canadian stores would remain open during liquidation.
In the U.S., Target is actually performing better than expected. The company said Thursday same-store sales at its U.S. locations increase by 3 percent in the fourth quarter, thanks to more online purchases and store visits than predicted.
The man is now charged with arms trafficking. Local reports say the man sold one of the Paris suspects ammunition for his weapon.