Target cuts 1,000 jobs, eliminates hundreds of open roles

"Target is cutting about 1,000 corporate positions and eliminating 800 open roles as part of an effort to speed up business decision-making and drive growth under its new chief executive, Michael Fiddelke. Fiddelke, who will succeed Brian Cornell as CEO in February, has been focused on ways to speed up the way corporate teams work, turning the company into a leaner and faster organization to drive innovation. This includes eliminating layers of management."

""To better serve our guests, we're prioritizing the need to work faster and reduce the complexity that has been created over time. This is especially important against the backdrop of a rapidly changing business landscape," Fiddelke said, adding that this announcement "is an important step toward our key priorities: strengthening our retail leadership in style and design, enhancing the guest experience and expanding how we use technology to fuel our next chapter of growth." Affected employees will receive benefits and pay through the beginning of January in addition to any severance they were offered, Target said. Fiddelke said in a note to employees on Thursday that since the company launched the Enterprise Acceleration Office in May, it has been pushing ahead with a mission to "move faster and simplify how we work to drive Target's next chapter of growth.""

Target will eliminate roughly 1,000 corporate roles and cancel 800 open positions to accelerate decision-making and stimulate growth under incoming CEO Michael Fiddelke. Approximately 80% of the cuts are U.S.-based, concentrated in Minneapolis and disproportionately affecting leadership roles, which were three times more likely to be eliminated. The reductions amount to about 8% of the global headquarters team. Affected employees will receive pay and benefits through early January plus any severance offered. The changes align with an Enterprise Acceleration Office launched in May to simplify work, remove layers of management, and prioritize retail leadership, guest experience, and technology.

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