Target To Lay Off 1,000 Workers, Cut 800 More Roles: Report

MINNEAPOLIS, MN — Minneapolis-based Target reportedly will cut about 1,800 corporate jobs as part of a major restructuring aimed at jump-starting growth after nearly three years of sluggish sales.

The news was broken by the Wall Street Journal.

The cuts include about 1,000 layoffs and 800 open roles being eliminated, representing roughly 8 percent of Target’s 22,000 corporate employees.

Around 80 percent of the affected positions are in the United States, according to the report.

Incoming CEO Michael Fiddelke, who will formally take over in February, told staff that Target has become too complex and slow-moving.

"The truth is, the complexity we’ve created over time has been holding us back," Fiddelke said in a memo obtained by the Wall Street Journal.

Target has instructed all U.S. corporate employees to work from home next week as details of the reorganization are finalized. Impacted workers will continue to be paid through Jan. 3 and may receive severance, the company said.

"It will be difficult," said Fiddelke. "It’s a necessary step."

Fiddelke, a longtime Target executive, said his priorities include simplifying operations, improving the in-store and online shopping experience, and refocusing on the company’s design-driven identity. Current CEO Brian Cornell will remain with Target as executive chairman.

Target has reported 11 consecutive quarters of weak or declining comparable sales. The company’s next quarterly earnings report is expected in November.