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A total of 10 to 25 large-format Target stores would be closed, and the remaining 50 Target Country stores would also be closed. FOX Business' Jackie DeAngelis with more.This news comes after videos circulated on social media showing the big-box retailer getting looted amid Minneapolis-based protests related to the death of George Floyd.The protests have resulted in the destruction of several "We are heartbroken by the death of George Floyd and the pain it is causing communities across the country.
©2020 FOX News Network, LLC. Real-time quotes provided by This material may not be published, broadcast, rewritten, or redistributed. People leave a vandalized Target store in Oakland, Calif. (AP Photo/Noah Berger) All rights reserved. "Unfortunately, the disruptive and competitive nature of the retail sector requires us to make some difficult decisions to ensure we have a viable Target business into the future, while continuing the strong growth of Kmart and Catch. Up to 167 Target and Target Country stores will be closed or converted into Kmarts after Wesfarmers dubbed the brand 'unsustainable'.
The retail operator reportedly has 284 Target stores in the country, which will be pared down to 125 locations as Wesfarmers shifts its focus to Kmart. "Leveraging the strengths of the Kmart Group, we have made a significant effort to avoid store closures, retain our valued team members, keep serving our customers and supporting our suppliers," Ian Bailey, managing director at the Kmart Group, said in a statement. "For some time now, the retail sector has seen significant structural change and disruption, and we expect this trend to continue," Rob Scott, managing director at Wesfarmers, said in a statement. "The actions announced reflect our continued focus on investing in Kmart, a business with a compelling customer offer and strong competitive advantages, while also improving the viability of Target by addressing some of its structural challenges by simplifying the business model.
"Our focus will remain on our team members’ safety and helping our community heal. ©2020 FOX News Network, LLC. Wesfarmers (), the owners of Target and Kmart stores in Australia, said it will close about 150 Target stores, and convert some locations to the Kmart brand under a significant restructuring strategy.
"With the exception of Target, Wesfarmers’ retail businesses are well-positioned to respond to the changes in consumer behavior and competition associated with this disruption. Target is temporarily closing 175 stores in 13 states, the company announced Saturday evening.
Quotes delayed at least 15 minutes.
It was unclear at the time of writing which stores would be closed or rebranded, but closures and conversions are expected to take place over the next 12 months, the company said.Wesfarmers did say that 10 to 40 Target stores would be converted to large-format Kmart locations upon landlord approval, and 53 Target Country stores would move to small-format Kmart stores.
Target Corp.is temporarily closing more than 175 stores in 13 states, including 23 Southern California locations, as a result of looting, property damage and … "We continue to believe that Target has a future as a leading retail brand in Australia and is much loved by many customers, but a number of actions and changes are required to ensure it is fit for purpose in a competitive, challenging and dynamic market, including a smaller number of stores and a stronger online business," he added.Shares of Wesfarmers stock was down 0.05% as of market close on Friday.
"The store closure will also come with a reduction of workers at Target, with many being transitioned to the Kmart brand.
Providing immediate first aid, food and basic essentials to the community; Support for team members at closed stores; Committing to rebuilding and reopening the Lake Street Target … "Additionally, team members impacted by store closures will be paid for up to 14 days of scheduled hours during store closures, including As of Saturday at 8 p.m. Central Time, 71 Target stores in Minnesota had been closed, according to the company's media release.
All rights reserved.
Minneapolis stores are taking precaution and shutting down to prevent further looting during protests. We anticipate most stores will be closed temporarily," the company said in a statement. "The update also included guidelines for employees who may have been impacted directly by the protest-related store closures. Up to 75 Target stores to be closed, others converted to Kmart By business reporter Stephanie Chalmers Posted 9mminutesago In a letter to team members, guests and the community, Target CEO Brian Cornell announced several measures to support the Minneapolis-St. Paul community in the wake of the murder of George Floyd, including: . Several other stores have been closed down throughout other states, including California, Colorado, Georgia, Illinois, Michigan, Missouri, Nebraska, New York, Oregon, Pennsylvania, Texas and Wisconsin.Stores marked with an asterisk are closed until further notice, according to Target.Quotes delayed at least 15 minutes.
Real-time quotes provided by This material may not be published, broadcast, rewritten, or redistributed.
At this time, we have made the decision to close a number of our stores.
A total of 10 to 25 large-format Target stores would be closed, and the remaining 50 Target Country stores would also be closed. FOX Business' Jackie DeAngelis with more.This news comes after videos circulated on social media showing the big-box retailer getting looted amid Minneapolis-based protests related to the death of George Floyd.The protests have resulted in the destruction of several "We are heartbroken by the death of George Floyd and the pain it is causing communities across the country.
©2020 FOX News Network, LLC. Real-time quotes provided by This material may not be published, broadcast, rewritten, or redistributed. People leave a vandalized Target store in Oakland, Calif. (AP Photo/Noah Berger) All rights reserved. "Unfortunately, the disruptive and competitive nature of the retail sector requires us to make some difficult decisions to ensure we have a viable Target business into the future, while continuing the strong growth of Kmart and Catch. Up to 167 Target and Target Country stores will be closed or converted into Kmarts after Wesfarmers dubbed the brand 'unsustainable'.
The retail operator reportedly has 284 Target stores in the country, which will be pared down to 125 locations as Wesfarmers shifts its focus to Kmart. "Leveraging the strengths of the Kmart Group, we have made a significant effort to avoid store closures, retain our valued team members, keep serving our customers and supporting our suppliers," Ian Bailey, managing director at the Kmart Group, said in a statement. "For some time now, the retail sector has seen significant structural change and disruption, and we expect this trend to continue," Rob Scott, managing director at Wesfarmers, said in a statement. "The actions announced reflect our continued focus on investing in Kmart, a business with a compelling customer offer and strong competitive advantages, while also improving the viability of Target by addressing some of its structural challenges by simplifying the business model.
"Our focus will remain on our team members’ safety and helping our community heal. ©2020 FOX News Network, LLC. Wesfarmers (), the owners of Target and Kmart stores in Australia, said it will close about 150 Target stores, and convert some locations to the Kmart brand under a significant restructuring strategy.
"With the exception of Target, Wesfarmers’ retail businesses are well-positioned to respond to the changes in consumer behavior and competition associated with this disruption. Target is temporarily closing 175 stores in 13 states, the company announced Saturday evening.
Quotes delayed at least 15 minutes.
It was unclear at the time of writing which stores would be closed or rebranded, but closures and conversions are expected to take place over the next 12 months, the company said.Wesfarmers did say that 10 to 40 Target stores would be converted to large-format Kmart locations upon landlord approval, and 53 Target Country stores would move to small-format Kmart stores.
Target Corp.is temporarily closing more than 175 stores in 13 states, including 23 Southern California locations, as a result of looting, property damage and … "We continue to believe that Target has a future as a leading retail brand in Australia and is much loved by many customers, but a number of actions and changes are required to ensure it is fit for purpose in a competitive, challenging and dynamic market, including a smaller number of stores and a stronger online business," he added.Shares of Wesfarmers stock was down 0.05% as of market close on Friday.
"The store closure will also come with a reduction of workers at Target, with many being transitioned to the Kmart brand.
Providing immediate first aid, food and basic essentials to the community; Support for team members at closed stores; Committing to rebuilding and reopening the Lake Street Target … "Additionally, team members impacted by store closures will be paid for up to 14 days of scheduled hours during store closures, including As of Saturday at 8 p.m. Central Time, 71 Target stores in Minnesota had been closed, according to the company's media release.
All rights reserved.
Minneapolis stores are taking precaution and shutting down to prevent further looting during protests. We anticipate most stores will be closed temporarily," the company said in a statement. "The update also included guidelines for employees who may have been impacted directly by the protest-related store closures. Up to 75 Target stores to be closed, others converted to Kmart By business reporter Stephanie Chalmers Posted 9mminutesago In a letter to team members, guests and the community, Target CEO Brian Cornell announced several measures to support the Minneapolis-St. Paul community in the wake of the murder of George Floyd, including: . Several other stores have been closed down throughout other states, including California, Colorado, Georgia, Illinois, Michigan, Missouri, Nebraska, New York, Oregon, Pennsylvania, Texas and Wisconsin.Stores marked with an asterisk are closed until further notice, according to Target.Quotes delayed at least 15 minutes.
Real-time quotes provided by This material may not be published, broadcast, rewritten, or redistributed.
At this time, we have made the decision to close a number of our stores.