Target marks 11 underperforming stores for closure

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Target will shutter 11 U.S. stores in February, more than double the amount it closed around the same time last year, as it looks to shed underperforming locations.

"The decision to close a Target store is only made after careful consideration of the long-term financial performance of a particular location," the company said in a Tuesday statement.

Among the closures are one store in Minnesota, the company's home state; three stores in Illinois; and three Michigan locations. The selected stores will close Feb. 1.

Like most retailers, Target usually trims its portfolio at least once a year. The Minneapolis-based retail giant shuttered four locations last November and three in November 2012.

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Eligible employees will receive an option to transfer to another location, the company said, noting that employees who choose not to transfer will be offered severance.