Summary
Target is cutting 1,800 corporate jobs to try to improve its business after four years of flat sales. The new CEO, Michael Fiddelke, aims to simplify decision-making and boost growth. The layoffs will not affect employees working in Target stores.
Key Facts
- Target plans to cut 1,800 corporate jobs as part of a plan to improve its performance.
- The layoffs represent about 8% of Target's global corporate workforce.
- This is Target's first major round of layoffs in ten years.
- Michael Fiddelke, who will soon become the CEO, is implementing these changes.
- Target's sales have been weak, and its stock price has dropped 30% this year.
- The job cuts will not impact store employees working at Target's 2,000 locations.
- Factors like reduced consumer spending on non-essential items and backlash over diversity policies have added to Target's challenges.
- The new CEO plans to use more technology and improve product quality to boost Target's business.
