BUZZ-Target Corp: To shut Canadian operations

Thu Jan 15, 2015 9:02am EST
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** Discount retailer's shares up 6 pct premarket at $78.79, poised to hit a new record high

** Company says to discontinue operating stores in Canada, seek creditor protection

** " ... unable to find a realistic scenario that would get Target Canada to profitability until at least 2021," CEO Brian Cornell says

** Company has run up big losses in Canada since starting operations in 2013 due to supply chain issues and high prices

** Target also increases Q4 U.S. comparable sales forecast to 3 pct growth from prior forecast of 2 pct

** Through Wednesday, stock had risen 10 pct since Nov. 19, when the retailer said it would review the future of its Canadian business after the holiday season

(Reuters Messaging: