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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.
The move, unveiled by incoming CEO Michael Fiddelke in a memo to employees on Thursday, comes at a time its share price has lagged rivals and the company has faced backlash for pulling back from its diversity, equity, and inclusion policies.
“Too many layers and overlapping work have slowed decisions, making it harder to bring ideas to life,” Fiddelke, who takes the helm in February next year, said in the memo. “It’s a necessary step in building the future of Target.”
The decision will affect about 8% of its corporate workforce, including the closure of 800 open positions. Employees losing their jobs will receive pay and benefits through early January, along with severance packages.
The cuts, which will impact managers more than individual contributers, do not affect store or supply chain roles.
Target had named insider Fiddelke as CEO in August, an appointment that was panned by investors who viewed the 20-year company veteran as unlikely to fix its myriad issues including merchandise missteps and inventory management problems.
The company, whose shares are down by nearly a third so far this year, has grappled with 11 consecutive quarters of weak or declining comparable sales and also faces pressure from U.S. tariffs on foreign imports.
It maintained its annual forecasts in August, after lowering them in May, when it blamed weak demand for the largely discretionary merchandise it sells like apparel and electronics.
(Reporting by Anshi Sancheti in Bengaluru; Editing by Maju Samuel)
