"In an email sent to employees, Target said it will be restructuring and will cut about 1,000 employees and 800 open positions will be closed. Target's corporate staff has been asked to work from home next week, and employees will not find out their fate until Tuesday. A Target spokesperson told the Associated Press (AP) that the cuts represent around 8% of Target's global workforce, but the majority of employees affected work at the headquarters in Minneapolis."
"According to AP, Target's comparable sales dropped 1.9% in its second quarter, and its net income dropped 21%. The retailer said in the email that the layoffs were not to cut costs but to streamline operations and bring forth "progress and growth." Those affected by layoffs will receive pay and benefits through Jan. 3, and will get severance packages and support services. In-store associates will not be affected by the restructuring."
Target will eliminate 1,800 corporate positions, including about 1,000 current employees and the closure of 800 open roles. Corporate staff have been asked to work from home next week and will learn layoff decisions on Tuesday. A company spokesperson said the reductions equal roughly 8% of the global workforce, with most impacted employees based at the Minneapolis headquarters. Comparable sales fell 1.9% in the second quarter and net income declined 21%. The company framed the moves as streamlining operations to enable progress and growth. Affected employees receive pay and benefits through Jan. 3, plus severance and support services. In-store associates are not impacted.
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