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Target to Slash Corporate Workforce After Quarters of Stagnant Sales
Target plans to cut around 1,800 corporate roles as part of an effort to remake its strategy to reverse a period of stagnant sales.
Target announced Thursday it will lay off around 1,000 global corporate employees and cut 800 open roles. The move will cut around 8% of its approximately 22,000 corporate employees, with around 80% of the cuts in its U.S. ranks.
“The truth is, the complexity we’ve created over time has been holding us back,” Michael Fiddelke, Target’s incoming chief executive, said in a memo sent to staff. “Too many layers and overlapping work have slowed decisions, making it harder to bring ideas to life.”