Target To Cut 1,000 Corporate Jobs
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Over the last year, Target has found itself at the center of intense backlash and boycotts due to a series of controversial business decisions that verge on the political. The fallout has taken a toll on the company's finances, leading to several slowdowns in sales.
The truth is, the complexity we’ve created over time has been holding us back,” Chief Operating Officer Michael Fiddelke, who is set to become Target’s next CEO, wrote in a note announcing the layoffs.
Target will lay off 1,000 corporate employees and close 800 open roles — affecting roughly 8% of its global corporate workforce — the company said Thursday.
The company, whose stock price is down more than 30% this year, has struggled in the wake of high-profile controversies and increased competition.
“People may have trouble remembering new information, paying attention or moving smoothly,” she said. “This can slow reaction time, cause slurred speech, and raise the risk of car crashes by 30%-40%. The effects depend on how much cannabis is used, how it’s taken, and how used to it someone is.”
The retailer will cut about 1,800 corporate roles as part of an effort to remake its strategy after 11 consecutive quarters of falling or weak comparable sales growth.
Target Corp. is eliminating about 8% of corporate roles in its first major restructuring in years, according to a memo viewed by Bloomberg News, as the retailer seeks to reduce complexity and regain its footing.
Target is cutting around 1,800 corporate roles in its first major layoff in around a decade as the retailer looks to reverse years of stagnant sales and simplify its operations.
Companies like Target and General Mills are looking ahead to slower growth, Johnston said, driven by new tariffs and economic uncertainty, which could dampen consumer spending. At the same time, advances in artificial intelligence are reshaping corporate workforces, especially for entry and mid-level positions.