Target Corp. is shutting down its food lab in Cambridge, Mass., after all.
Last week, an offer to buy the Food + Future lab surfaced at the last minute as the Minneapolis-based retailer was preparing to wind it down. But Target apparently couldn't come to terms with the buyer.
"We worked with the Food + Future team over the past few months to find interested outside investors, but were not able to come to an agreement," Jenn Reck, a Target spokeswoman, wrote in an e-mail. "And as a result, we're winding down Food + Future and the work will come to a close in June."
The food lab, which opened a little more than a year ago, is one of a number of innovation-related projects that CEO Brian Cornell has been shutting down in recent months as Target's sales have continued to slide. He's been refocusing innovation efforts to be more closely tied to Target's core business and to those that will pay off more quickly.
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