January 15, 2015 / 2:02 PM / 3 years ago

BUZZ-Target Corp: To shut Canadian operations

** 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: nayan.das.thomsonreuters.com@reuters.net

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below