Target announced it is cutting 1,800 corporate jobs, marking its first major layoffs in a decade, as it seeks to return to growth after four years of stagnant sales.
The cuts, communicated in a memo from incoming CEO Michael Fiddelke, include about 1,000 layoffs and 800 positions that will remain unfilled, representing roughly 8% of the corporate workforce.
Notifications to affected employees are scheduled for Tuesday.
Fiddelke, currently COO and former CFO, will succeed longtime CEO Brian Cornell on February 1.
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