Target’s major announcement this week continues a trend of retail closures, all of which come in a time of low oil prices, a falling Canadian dollar, and overall economic uncertainty.
About 17,600 jobs will be lost when Target’s 133 stores close their doors later this year. That’s in addition to the 90 jobs that will be lost when Sony closes its 14 stores in Canada, and those that will disappear when Mexx Canada closes 95 stores by the end of February. In this week alone, about 250 of Mexx Canada's 1,785 employees lost their jobs.
Clothing stores Smart Set and Montreal-based Jacob are also closing 31 and 92 locations, respectively.
The closures come about a year after Sears Canada cut 2,200 jobs and closed five locations across the country.
For more on store closures, job losses, and what it all means for the Canadian economy, Employment Minister Jason Kenney will be on CTV’s Question Period, Sunday at 11 a.m. ET.
With files from The Canadian Press.
