On Thursday, both Target and Sony announced the closure of all Canadian stores.
The Associated Press noted that after disappointing sales north of the U.S. border, Target will shut down 133 stores, which will equate to the loss of more than 17,000 jobs.
The company’s CEO Brian Cornell said that the decision to close the retail stores was a “very tough” one. But the fact is that Target was losing money and could not compete with Wal-Mart Stores Inc., and a series of other retailers in Canada.
As for Sony, The Ottawa Citizen reported that the company will be closing its only 14 retail stores in the country.
The announcement was made via a memo to store employees and said that the closings would take place over the next 6-8 weeks.
Unlike Target, Sony did not say how many job losses would occur as a result of the closures.
Sony had been struggling for some time and reported years of losses in its Canadian market.
Some other companies that started in the U.S. but did not translate well in Canada and were forced to close stores there include Big Lots and Best Buy. And while sales at Wal-Mart continue to be strong in the U.S., sales at the same retailer have been weakening north of the border.