Target Cuts More Jobs
Minneapolis-based retailer Target Corp. announced its latest round of job cuts on Tuesday morning: the company confirmed that it is eliminating about 275 jobs, primarily in its technology department, and will not fill an additional 35 open positions. Among the latest cuts, about 235 of the jobs are in the Twin Cities, with the remainder located in India.
Target spokeswoman Molly Snyder told Twin Cities Business that so far this year, Target has announced the elimination of 3,115 jobs and closed an additional 1,525 open positions. Of the jobs eliminated, 390 of the positions were based in India; the rest have been in the in Twin Cities.
The latest round marks the sixth round of job cuts so far this year at the company.
Target employees were informed of the latest cuts on Tuesday morning.
In a statement emailed to TCB, Snyder noted: “The majority of the impact was across our technology teams and was primarily focused on areas such business analysis and project management. …Affected team members will receive comprehensive separation packages that will be comparable to the separation packages other team members have received this year.”
Prior to Tuesday’s job cuts, Snyder said that Target’s corporate payroll in the Twin Cities totaled approximately 11,000 employees.
Target is overhauling its business under CEO Brian Cornell, who took the helm in August 2014. Cornell is making some big changes: earlier this year the company bailed out on its Canadian retail operations and struck a deal to sell its in-store pharmacies Rhode Island-based CVS Health Corp.
Cornell is also looking to reenergize the retailer with new urban stores, expanding ship-from-store delivery service and eyeing an overhaul of Target’s food business. TCB took an in-depth look at Target’s transformation in its September issue.
Target recently reported net income of $753 million on sales of $17.4 billion for its second quarter, which ended on August 1. The company reported that same-store sales, a key retail barometer, were up 2.4 percent compared to a year ago.