Target Corp. — one of Minnesota’s largest employers — announced on Thursday that it will cut 1,800 of its corporate jobs, according to a memo its incoming chief executive officer sent to employees on Thursday.
Several national and Minnesota-based media outlets began reporting the news Thursday afternoon, with a CNBC story quoting a spokesperson for the company specifying that the eliminated jobs will be a mix of about 1,000 staff layoffs and 800 positions that will no longer be filled.
The cuts represent about 8 percent of the Minneapolis-based company’s corporate workforce, according to the memo that was circulated widely among media and websites on Thursday.
Affected employees are to be notified in the coming days, incoming CEO Michael Fiddelke told employees in the memo. The Wall Street Journal reported that the layoffs are part of a broader strategy to restructure its corporate workforce and “reverse a period of stagnant sales.”
“The truth is, the complexity we’ve created over time has been holding us back,” Fiddelke said in the memo. “Too many layers and overlapping work have slowed decisions, making it harder to bring ideas to life.”
Fiddelke, who was named the company’s chief executive officer in August, is currently its chief operating officer. He’ll officially start his tenure as Target Corp. CEO in February.
Target Corp. employs more than 35,000 people across Minnesota, making it the state’s third-largest employer.
Hank Long
Hank Long is a journalism and communications professional whose writing career includes coverage of the Minnesota legislature, city and county governments and the commercial real estate industry. Hank received his undergraduate degree at the University of Minnesota, where he studied journalism, and his law degree at the University of St. Thomas. The Minnesota native lives in the Twin Cities with his wife and four children. His dream is to be around when the Vikings win the Super Bowl.
