Target says it plans to discontinue all operations in Canada and seek protection from creditors.

In a release early Thursday, the U.S. retail chain said it will close all its locations in Canada. There are 133 stores across the country with about 17,600 employees.

The company says it is setting up a $70-million fund to ensure all employees affected by the move get at least 16 weeks in severance pay.

The stores will remain open while the company completes the liquidation process.