Target plans to eliminate over 1,800 jobs from its corporate offices and stores to ensure overall company efficiency.
Michael Fiddelke, incoming CEO of Target, explained the strategy behind the layoffs Thursday, according to The Associated Press.
“The truth is, the complexity we’ve created over time has been holding us back,” Fiddelke said. “Too many layers and overlapping work have slowed decisions, making it harder to bring ideas to life.”
According to a company spokesperson who told The Associated Press about the situation, “The cuts represent about 8% of Target’s corporate workforce globally, although the majority of the affected employees work at the company’s Minneapolis headquarters.” Target has a total of 1,980 retail stores.
“I am eager to refocus our strategy and build on the assets and capabilities that have made Target a beloved destination for incredible products and a one-of-a-kind shopping experience,” Fiddelke further stated. “And to be clear, we have work to do to reach our full potential. Now’s the time to take full advantage of our strengths, embrace change with pace and purpose, and regain our momentum. Adjusting our structure is one part of the work ahead of us. It will also require new behaviors and sharper priorities that strengthen our retail leadership in style and design and enable faster execution.”
Fiddelke also noted that the layoffs are a “necessary step in building the future of Target and enabling the progress and growth we all want to see.”
Earlier in the year, Target announced it would do away with its former diversity, equity, and inclusion programs.
