Target is closing Chefs Catalog and Cooking.com, two culinary outlets the discount retailer purchased in 2013.
According to a letter to vendors from Chefs Catalog President Tim Littleton obtained by HomeWorldBusiness.com, Chefs Catalog and Cooking.com will sell remaining inventory through the holiday season with plans to be “fully out of the business by the end of February 2016.”
The letter indicated the company is finalizing plans for specific operating guidelines for the wind down, and all outstanding purchase orders will be cancelled immediately. The company intends to pay outstanding obligations for purchase orders that had already been shipped, Littleton wrote. However, he added that all vendor payments will be put on hold until outstanding amounts due can be agreed upon with [individual vendors]after the wind-down period.
Target acquired Chefs Catalog and Cooking.com in 2013 to help build new capabilities and broaden the company’s access to different brands, according to Littleton
“I am proud of what we have accomplished over the last two years,” Littleton wrote.
Calls to Target were not immediately returned.