Target to cut 1,800 corporate roles in turnaround effort

Core Points - Target is cutting approximately 1,800 corporate roles, marking its first major layoff in nearly a decade, as part of efforts to address stagnant sales and streamline operations [1][2] - The layoffs will affect about 8% of the corporate workforce, including the closure of 800 open positions, with impacted employees receiving pay and benefits through early January along with severance packages [2] - The cuts will primarily impact managers rather than individual contributors and will not affect store or supply chain roles [3] Financial Performance - Target's shares have declined by nearly one-third this year, and the company has experienced 11 consecutive quarters of weak or declining comparable sales [4] - The company has faced challenges due to U.S. tariffs on foreign imports and has maintained its annual forecasts after lowering them in May, attributing the decline to weak demand for discretionary merchandise such as apparel and electronics [4] Leadership Changes - Michael Fiddelke, who will become CEO in February next year, indicated that the restructuring is necessary to improve decision-making and operational efficiency [2][3] - Fiddelke's appointment as CEO was met with skepticism from investors, who doubt his ability to resolve ongoing issues related to merchandise missteps and inventory management [3]