Target Hands Out 1700 Pink Slips
MINNEAPOLIS (AP) – Target Corp. says it is laying off 1,700 workers and permanently closing out another 1,400 open positions.
The announcement puts a number on last week’s announcement that the company would eliminate several thousand jobs as part of a restructuring aimed at saving $2 billion in costs over the next two years.
Target is trying to become more agile as it competes with other big box stores as well as online retailers.
Target spokeswoman Molly Snyder said the cuts will come primarily at headquarters locations in the Minneapolis area, where about 13,500 people work. The company will also eliminate jobs at a location in Bangalore, India, where Target has about 3,000 employees.
Earlier this year Target said it would end its foray into Canada, closing all 133 of its stores there and laying off about 17,000 workers.
Target had 366,000 employees as of Feb. 1, 2014. That number does not reflect the layoffs in Canada and an updated figure was not immediately available.