Target Closing 11 Underperforming U.S. Stores
MINNEAPOLIS, MN – Target has announced that it is closing 11 underperforming U.S. stores.
The retailer said in a press release, “The decision to close a Target store is only made after careful consideration of the long-term financial performance of a particular location. All eligible store team members are being offered the option to transfer to other Target stores. Team members who choose not to transfer will be offered a separation package.”
The stores that are closing are located in Georgia, Iowa, Illinois (2 stores), Indiana, Kansas, Michigan (3 stores), Minnesota and Texas.
Though this is Target’s largest round of store closures in recent years, the Minneapolis/St. Paul Business Journal points out that the retailer opened 63 stores over the past three years. The company currently has approximately 1,800 U.S. stores.
Even after the announcement of these closures, Target’s stock closed yesterday at $61.89 per share, up $0.77 for a 1.26% increase.
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