Target Cuts 140 Corporate Jobs, Closes 50 Open Positions
MINNEAPOLIS (WCCO) – Target Corp. officials said Wednesday that the Minneapolis-based retailer has eliminated about 140 jobs from its downtown headquarters.
Spokesperson Molly Snyder said the job cuts come as the company continues to restructure and reduce complexity within the organization.
Most of the eliminated positions were part of the Business Performance Optimization Center of Excellence, Snyder said. Fifty open positions at headquarters were also closed.
Snyder said those let go will receive severance packages similar to those given to employees terminated earlier in the year.
In March, Target cut some 1,700 corporate jobs.
Then, the company said that laid-off employees would receive severance of more than 15 weeks of pay and that the company would pay their benefits for six more months.
Target's massive corporate restructuring comes after the company appointed a new CEO, Brian Cornell, in the wake of a cyberattack in 2013 and a disastrous foray in Canada.
Recently, the company has seen strong sales, with a 52 percent surge in its first-quarter profits.
On Monday, Target also announced that it's selling its in-store pharmacies to CVS for $1.9 billion.