Target & Sony Close Canadian Stores; Dow Falls 100 Points
The Dow falls an additional 100 points today while the Nasdaq closes down 1.5% as falling oil prices continue to rattle investors. Iconic U.S. stores and brands just don't seem to be performing as well in Canada. Target (TGT) announced today that they will be pulling out of Canada after losing over $2 billion while Sony is shuttering all 14 of its Canadian stores. Multiple reasons lead to the demise of Target in Canada, but one main reason was due to the tough competition from Walmart (WMT), which has been a staple in Canada for the past 2 decades.
Word on the Street
- U.S. jobless claims hit a four-month high.
- RadioShack (RSH) prepares to file for bankruptcy.
- Why do U.S. companies have a hard time expanding in Canada?
- OPEC lowers demand for oil by 100,000 barrels a day.
- Americans complain income isn't keeping up with cost of living.
- Best Buy (BBY) stock drops on same-store sales expectations.