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Thursday, January 15, 2015

Target workers, shoppers, dismayed at Canada pullout, (NYSE: TGT)

Employees at Target Corp stores in Canada said they were stunned by the U.S. retailer's decision on Thursday to pull out of Canada, believing business had improved after an admittedly disastrous launch less than two years ago. "It's a big shock for everyone. I thought it was getting better," said one Toronto Target employee who would only give her first name, Lima, for fear of reprisal from her employer."I thought maybe they might close a few of the stores that weren't doing as well. I never thought they'd close them all."Workers and shoppers alike at a two-storey Target store in northeast Toronto expressed dismay at the abrupt end to the shabby chic retailer's Canadian expansion."I'm surprised, we're all surprised. I'm surprised they didn't tell us internally first," said another employee, dressed in the standard red sweater and khakis and bulls-eye name tag.

Target operates through approximately 1,934 stores that include 1,801 in the United States and 133 in Canada. Shares of TGT traded higher by 1.67% or $1.24/share to $75.57. 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 12907360.