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Target to Cut 1,800 Corporate Jobs
The retailer, which has faced struggling sales in recent quarters, is looking to streamline its operations.
Target plans to cut 1,800 corporate jobs as part of its plan to streamline the organization and return to growth.
Minneapolis—Target plans to cut 1,800 corporate jobs, as per a memo sent to employees last week.
It’s the first major layoffs announcement by the Minneapolis-based retailer in about a decade, having slashed 3,100 jobs in 2015.
The plan is to lay off 1,000 corporate employees and not fill an additional 800 positions, as per info shared with CNBC.
In an Oct. 23 memo shared with news outlets, incoming CEO Michael Fiddelke said the retailer would eliminate 1,800 non-field roles, or about 8 percent of its global headquarters team.
Employees in the U.S. were asked to work from home this week, with affected employees expected to be notified Tuesday.
Related stories will be right here …
It’s the first major layoffs announcement by the Minneapolis-based retailer in about a decade, having slashed 3,100 jobs in 2015.
The plan is to lay off 1,000 corporate employees and not fill an additional 800 positions, as per info shared with CNBC.
In an Oct. 23 memo shared with news outlets, incoming CEO Michael Fiddelke said the retailer would eliminate 1,800 non-field roles, or about 8 percent of its global headquarters team.
Employees in the U.S. were asked to work from home this week, with affected employees expected to be notified Tuesday.
Fiddelke, who will take the helm in February, said the company needs to simplify its structure if it wants to return to growth, adding that the complexity of the organization makes it harder to realize new ideas.
“Decisions that affect our team are the most significant ones we make, and we never make them lightly. I know the real impact this has on our team, and it will be difficult,” he said in the memo shared with CNBC.
“And, it’s a necessary step in building the future of Target and enabling the progress and growth we all want to see.”
Target has faced struggling sales in recent years, up against tough competition coupled with consumer backlash following its move away from its previously implemented DEI efforts.
In its second-quarter results in August, Target said it expected to see its annual sales decline.
In May, outgoing CEO Brian Cornell announced the establishment of a multi-year acceleration office, led by Fiddelke, to help Target turn things around.
Target ranked No. 15 on National Jeweler's 2025 "$100 Million Supersellers" list with $561 million in watch and jewelry sales reported in 2024.
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