01/15/2015 09:01 EST | Updated 03/17/2015 05:59 EDT

Target to exit Canada, didn't foresee operations being profitable until at least 2021

MINNEAPOLIS - Target is exiting Canada.

Chairman and CEO Brian Cornell says the company was unable to find a realistic scenario in which Target Canada would become profitable before at least 2021.

The retailer said Thursday that it anticipates approximately $5.4 billion in fourth-quarter losses from discontinued operations in Canada.

Target Corp. currently has 133 stores in Canada with about 17,600 employees.