Target is laying off about 1,000 corporate employees and cutting another 800 open roles

Target said it was laying off around 1,000 corporate employees.Erik McGregor/LightRocket via Getty ImagesTarget is laying off 1,000 corporate employees and cutting 800 open roles.The cuts accounted for about 8% of Target's global headquarters team.Michael Fiddelke, COO and incoming CEO, said the cuts were about simplification and moving faster.Target is laying off around 1,000 corporate employees and cutting another 800 open roles, the company said Thursday.The company said in a memo to staff that the roles being cut accounted for about 8% of its global headquarters team.Michael Fiddelke, Target COO and incoming CEO, said in the memo that the changes were intended to help the company move faster and simplify workflows."The truth is, the complexity we've created over time has been holding us back," he said. "Too many layers and overlapping work have slowed decisions, making it harder to bring ideas to life."Fiddelke said the company was asking all employees at its US headquarters to work from home next week as the changes are implemented.Target said leadership roles at the company were affected at three times the rate of individual contributors. Those affected will be notified on Tuesday, and the company has asked US employees to work from home.The cuts come as Target has been struggling. The retail giant has lagged in sales growth compared to its competitors, delivering underwhelming financial results over the past few years."While there is some truth in Target's assertion that its job cuts are a consequence of simplification, they are also the result of a business that has been underperforming for a long time and has been operationally weak," Neil Saunders, retail analyst and managing director of GlobalData, told Business Insider."Regardless of how the cost pie is cut, it also needs to be accompanied by a change of culture at Target," he added.Read the original article on Business Insider

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