Target to Exit Canadian Market, Will Shutter Stores

Target is calling it quits in Canada. The Minneapolis-based retailer announced this morning that it will shutter its 133 stores north of the border after a challenging two years with its first international expansion outside the U.S. Its Canadian operations have been plagued with problems from the start amid issues such as keeping shelves stocked and perceptions that its prices were too high. While Target initially hoped to begin turning a profit in Canada by the end of 2013, instead it has racked up about $1.6 billion in losses to date.