Target layoffs: 1,800 employees to lose jobs; first major job cuts in a decade

Core Insights - Target Corporation plans to lay off approximately 1,800 corporate employees, marking its first major cutback in nearly a decade, in an effort to improve stagnant sales and enhance operational efficiency [4] - Incoming CEO Michael Fiddelke highlighted that excessive layers and overlapping work have hindered decision-making, making it challenging to implement new ideas [4] - The layoffs will affect about 8% of the corporate workforce, including the elimination of 800 open positions, primarily impacting managerial roles while preserving store and supply chain positions [4] Financial Performance - Target's share price has decreased by nearly one-third this year, amid 11 consecutive quarters of weak or declining comparable sales [3][4] - The company is under pressure from U.S. tariffs on imports, which adds to its financial challenges [3] - Target maintained its annual forecasts in August after a reduction in May, attributing the adjustments to weak demand for discretionary items such as apparel and electronics [3]