Summary
Target is cutting about 1,800 corporate jobs to simplify decision-making and boost its customer base. The layoffs aim to address the company's challenges in competing with rivals like Walmart and Amazon. The job cuts will not affect store employees or supply chain workers.
Key Facts
- Target will lay off around 1,000 corporate employees and eliminate 800 vacant jobs.
- The cuts represent about 8% of Target's global corporate workforce.
- Most affected employees work at Target’s Minneapolis headquarters.
- Michael Fiddelke, Chief Operating Officer, will become CEO on February 1.
- Target has faced competition from Walmart and Amazon, affecting its sales.
- Fiddelke's priorities include improving merchandise selection and store cleanliness.
- Employees losing their jobs will receive pay and benefits until January 3, along with severance packages.
