"National megaretailer Target will slash about 1,800 corporate jobs in a streamlining move that its leaders describe as a "necessary step," according to The Wall Street Journal. According to the financial paper, the company will lay off roughly 1,000 global corporate employees and cut another 800 open roles, or about 8% of its approximately 22,000 corporate workforce. Around 80% of the cuts will come in the U.S."
"The move comes after 11 consecutive quarters of falling or weak comparable sales growth for the company. Michael Fiddelke, Target's incoming chief executive, said too many layers and duplicated action are "making it harder to bring ideas to life." Managers will be hit at a higher rate than individual corporate employees, and affected employees are being paid through Jan. 3, in addition to potential severance payouts, according to the Journal."
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Target will eliminate roughly 1,800 corporate roles, including about 1,000 layoffs and 800 cut open positions, representing about 8% of its roughly 22,000 corporate employees. Around 80% of reductions will be in the U.S. The company plans to announce details next week while U.S. corporate staff work from home. The decision follows 11 consecutive quarters of weak or falling comparable sales growth. Incoming CEO Michael Fiddelke said excess layers and duplicated work hinder idea execution. Managers face higher impact; affected staff will be paid through Jan. 3 plus possible severance. The cuts aim to streamline operations and reduce duplicated actions that slow execution.
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