Target Australia is set to close dozens of stores which are ‘running at a loss.’
The Herald Sun reports Wesfarmer’s CEO Guy Ross as claiming the discount retailer will reduce it’s footprint by 20 percent over the next five years.
Wesfarmers owns Target which operates 305 department stores around the country but is under threat from new retailers Zara, H&M and Uniqlo.
‘H&M and Zara and Uniqlo are the things we’re going after,’ Mr Russo said, adding that half the stores had been ‘operating at a loss for the past two financial years.
The closure news came as a shock to employees of the department store giant.
Mr Russo said Wesfarmers would work to accommodate staff who were impacted by the change.
‘We have a lot of high sensitivity of not only our team members in those small country towns but also to the local community where Target has been there for decades,’ he said.
