"Target workers were sent a memo about layoffs on Thursday breaking the news, as the upcoming CEO unveiled his bold strategy to navigate turbulent waters. Retail giant Target has announced it is cutting 1,800 corporate jobs as it tries to regain growth after four years of disappointing sales. This is the retailer's first significant round of layoffs in the last decade, announced to Target workers in a memo from CEO Michael Fiddelke."
"The retracted roles combine around 1,000 employee layoffs with 800 positions that will no longer be filled, said a company spokesman, and those affected will receive pay and benefits until January 3, in addition to severance packages. In August, Target named Fiddelke, currently its chief operating officer and formerly chief financial officer, as its newly appointed CEO, taking over from Brian Cornell. Fiddelke has begun simplifying company operations as he oversees the Enterprise Acceleration Office, which also seeks to use technology more effectively and speed up the retailer's growth."
Target is cutting 1,800 corporate jobs as part of a headquarters restructuring intended to accelerate work and speed growth. About 1,000 current employees will be laid off and roughly 800 open positions will not be filled; affected U.S. HQ workers will receive pay and benefits through January 3 plus severance. Chief Operating Officer Michael Fiddelke, named CEO in August and set to take the top job in February, is overseeing the Enterprise Acceleration Office to simplify operations and leverage technology. Target has faced four years of disappointing sales, declining store traffic, inventory problems, and customer backlash, and expects annual sales to fall this year. Shares have dropped about 65% since late 2021.
Read at The Mirror US
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