Target Corp said on Thursday it will cease operations in Canada and has filed for creditor protection for its Canadian subsidiary in a surprise move that could put its 17,600 employees in the country out of work.The U.S. discount retailer has struggled since its 2013 launch in Canada, and it said in November that it would review the future of its loss-making Canadian business after the holiday season.Huge supply chain problems left stores thinly stocked, disappointing shoppers who had eagerly anticipated the retailer's move into Canada, where the discount retail space had long been dominated by Wal-Mart Stores Inc.Target, which currently has 133 stores in Canada, said it has sought bankruptcy protection in Canada and that it plans to discontinue operating stores in Canada through its indirect wholly-owned subsidiary, Target Canada Co.
Target operates through approximately 1,934 stores that include 1,801 in the United States and 133 in Canada. Shares of TGT remained unchanged at $74.33. In the past year, the shares have traded as low as $54.66 and as high as $77.75. On average, 5113440 shares of TGT exchange hands on a given day and today's volume is recorded at 796266.
Wal-Mart Stores, Inc. (Walmart) operates retail and other stores in various formats, including membership clubs. Shares of WMT remained unchanged at $86.61. In the past year, the shares have traded as low as $72.27 and as high as $90.97. On average, 7637820 shares of WMT exchange hands on a given day and today's volume is recorded at 1000.
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