Target lays off 1,700 people with 1,400 jobs going unfulfilled
US retailer Target has laid off 1,700 people at its Minneapolis corporate headquarters.
In a regulatory filing announcing the layoffs, the company stated that it expects to incur severance costs of approximately $100m.
The company also said that 1,400 open jobs will go unfulfilled. These cuts come after the company said last week that its “roadmap to transform business” includes cost savings of $2bn over the next two years.
“These savings will be realized through operations, technology, process improvements; supply chain and sourcing efficiencies; and corporate restructuring,” Target said in a statement, adding that restructuring will be concentrated at the company’s headquarters locations.
The retailers' marketing and communications teams have been affected by the job cuts, reported PR Week.
Molly Snyder, Target’s group manager of PR, told PR Week: "While we’re not getting into specifics, out of respect for the team members who were affected, I can confirm that all headquarters-based teams were impacted, including marketing.”
The layoffs come just a few months after CEO Brian Cornell announced that Target would be shutting down its operations in Canada.