National megaretailer Target will slash about 1,800 corporate jobs in a streamlining move that its leaders describe as a “necessary step,” according to The Wall Street Journal.
According to the financial paper, the company will lay off roughly 1,000 global corporate employees and cut another 800 open roles, or about 8% of its approximately 22,000 corporate workforce.
Around 80% of the cuts will come in the U.S.
The details should be announced next week, when all U.S. corporate employees are scheduled to work from home.
The move comes after 11 consecutive quarters of falling or weak comparable sales growth for the company.
Michael Fiddelke, Target’s incoming chief executive, said too many layers and duplicated action are “making it harder to bring ideas to life.”
Managers will be hit at a higher rate than individual corporate employees, and affected employees are being paid through Jan. 3, in addition to potential severance payouts, according to the Journal.
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