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MajorsMar 10, 2015
Target cuts 3,100 jobs
Target Corp. is laying off 1,700 employees and letting 1,400 positions go unfilled as it restructures to focus on digital, smaller-format stores and personalization.
After a company review and as part of a two-year transformation process to position the company for growth, Target is laying off 1,700 employees, cutting mostly at its headquarters in Minneapolis. The Target store pictured here is in Martin
Minneapolis--Target Corp. is letting go of 1,700 employees primarily from its corporate headquarters in Minnesota, as it restructures to focus on digital, smaller-format stores and personalization.
In addition to laying off employees, Target also said that 1,400 open positions won’t be filled.
Target employs about 13,000 people at its Minneapolis-area headquarters facilities, meaning the cuts represent nearly a quarter of the workforce there, and more than 350,000 people total.
“While this news is difficult, it’s important to know that we will continue to make investments in our business and team--particularly in areas such as digital, personalization, data and analytics, and engineering--to position Target for future success,” the company said in a statement issued Tuesday.
According to the Minneapolis Star Tribune, layoffs began at the senior management level last week, starting with a number of vice presidents who were let go. Though Target would not confirm details on the individuals involved, a company spokesperson did tell National Jeweler that the news "did include officers."
Last week, the retailer announced that it would begin a two-year, $2 million restructuring process that would “put Target on a clear path to growth,” according to the company. Included in this strategic shift is the goal of creating a headquarters team that is “more agile, efficient and guest-focused.”
Target also will focus on driving its omnichannel strategy, continuing with enhancements in technology, supply chain and inventory to make shopping across all channels easier for consumers. It will prioritize the style, baby, kids and wellness merchandise categories, investing in these areas to create newness and build differentiation.
Macy’s Inc. made a similar announcement earlier this year, cutting 2,500 jobs as it focuses on it omnichannel strategy, trims central office staff and closes stores.
Target said to create a more “guest-centric” experience, it will tailor inventory to more local products, with factors like demographics, climate and location driving merchandising decisions. In addition, store openings from here on out will focus on TargetExpress and CityTarget stores, which are designed for consumers in growing urban areas. The retailer will open eight of these across the country in 2015.
Since Target will provide everyone who is being laid off with a comprehensive severance package that includes more than 15 weeks of pay plus additional severance based on years of service, the cuts are expected to cost the retailer $100 million, according to an SEC filing.
Earlier this year, Target opted to
close its Canadian division after less than two years in the market, saying that it was “unable to find a realistic scenario that would get Target Canada to profitability until at least 2021.”
The closure affected 133 stores across Canada and approximately 17,600 people.
The closure affected 133 stores across Canada and approximately 17,600 people.
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