What is Target's plan for layoffs?

Target plans to eliminate 1,800 corporate roles, including 1,000 layoffs and 800 unfilled positions, as part of a major restructuring effort.

Who announced the Target layoffs?

Incoming CEO Michael Fiddelke announced the layoffs in a memo to Target's headquarters employees.

How will the Target layoffs impact the company's operations?

The layoffs will not affect roles in Target's stores or supply chain operations, and will focus on streamlining the retailer's global headquarters team.

Home / Business and Economy / Target Cuts 1,800 Corporate Roles in Restructuring Push

Target Cuts 1,800 Corporate Roles in Restructuring Push

23 Oct

•

Summary

Target to eliminate 1,800 corporate roles, including 1,000 layoffs
Incoming CEO Fiddelke cites complexity and slow decision-making
Layoffs part of "enterprise acceleration" to simplify operations

Target Cuts 1,800 Corporate Roles in Restructuring Push

In a major restructuring move, Target has announced plans to eliminate 1,800 corporate roles, including 1,000 layoffs and the elimination of 800 open positions. The cuts, revealed in a memo from incoming CEO Michael Fiddelke, mark the first significant round of layoffs at the Minneapolis-based retailer in over a decade.

Fiddelke, who is set to succeed longtime CEO Brian Cornell on February 1, 2025, cited the company's growing complexity and slow decision-making as the key drivers behind the layoffs. He described the cuts as a "necessary step" in building Target's future and enabling the progress and growth the company seeks.

The layoffs, which will impact around 8% of Target's global headquarters team, are part of the retailer's "enterprise acceleration" initiative launched earlier this year. The program aims to simplify operations, adopt new technologies, and accelerate growth as Target grapples with a sales slump and an expected decline in annual sales for 2025.