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The corporate structure of Target has been shaken this week as the company makes efforts to cut costs. On Tuesday, March 10, Target announced it was laying off 1,700 employees from its Minneapolis headquarters, according to an article in The New-York Times.
Last week, Target let it be known the one of the primary ways the retail giant was planning on scaling back current operations was by cutting corporate jobs in the U.S. and India.
After cutting the positions, Target released a statement about the 1,700 employees laid off from the corporate offices. The company added that 1,400 open jobs would not be filled, according to an article by the Star Tribune in Minneapolis.
“Today is a very difficult day for the Target team, but we believe these are the right decisions for the company,” the company said in a statement.
In total, Target is expected to pay severance costs of about $100 million in this round of cuts, which will be booked as a pretax charge in its first-quarter earning, according to The New York Times article.
