Target announced on Thursday that it is closing all of its 133 stores in Canada. TheStreet’s Jim Cramer says he believes the mistake was opening all the stores at the same time as it was too difficult a task. Cramer says new CEO Brian Cornell is making a ‘bold decision’ in closing them down. He says Cornell is rectifying a decision that was made by a previous CEO. He adds that Target has the balance sheet to get through it. He also reminds investors that Target announced a much better-than-expected sales number. Target said fourth quarter same-store sales were expected to rise 3% from a year ago — that’s better than the 2% increase the retailer had previously forecast. Cramer says this is the time to buy.
Subscribe to TheStreetTV on YouTube:
For more content from TheStreet visit:
Check out all our videos:
Follow TheStreet on Twitter:
Like TheStreet on Facebook:
Follow TheStreet on LinkedIn:
Follow TheStreet on Google+:
source
