Target Corp. is eliminating about 8% of corporate roles in its first major restructuring in years, according to a memo viewed by Bloomberg News, a move to cut costs and reduce complexity.
The Minneapolis-based company is cutting 1,800 roles across various teams and seniority levels, according to the memo. This will include 1,000 layoffs and the company will close out 800 open roles.
Target has been struggling to get out of a rut driven by soft demand and inventory missteps. The retailer has also been the subject of public backlash after it stepped away from DEI policies.
“The complexity we’ve created over time has been holding us back,” Chief Operating Officer Michael Fiddelke said in the memo. “Too many layers and overlapping work have slowed decisions, making it harder to bring ideas to life.”
Fiddelke will take over the top role in February.
The memo instructed all U.S. employees at headquarters to work from home next week.
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