Minneapolis: U.S. retail giant Target announced it will cut about 1,800 corporate jobs, marking its largest round of layoffs in 10 years.
The move affects roughly 8% of the company’s corporate workforce and comes as Target faces slowing sales and prepares for a leadership change early next year.
In a memo to employees, incoming CEO Michael Fiddelke said the decision was part of efforts to simplify operations and improve growth. The layoffs include about 1,000 employee terminations and the elimination of 800 unfilled roles.
“The complexity we’ve created over time has been holding us back,” Fiddelke said. “Too many layers and overlapping work have slowed decisions. These changes are difficult but necessary to build the future of Target.”
The cuts will not affect staff in stores or supply chain roles. Impacted employees will receive pay and benefits until January 3, along with severance packages, the company confirmed.
Target has been struggling to regain momentum after four years of weak sales. Its shares have fallen 65% since 2021, while competitors like Walmart have seen strong growth.
Fiddelke, who currently serves as Target’s chief operating officer, will officially take over as CEO on February 1. He has led the company’s “Enterprise Acceleration” program, which aims to speed up decision-making and strengthen technology use across departments.
Analysts say the layoffs signal a broader restructuring as Target works to recover its competitive edge in the U.S. retail market.
