Target to cut $2B in costs and several thousand jobs
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Target Corp., which is set to open new stores in Kailua and on Maui on Wednesday, said Tuesday it is cutting several thousand jobs as part of a plan to eliminate $2 billion in costs over the next two years.
The goal: to make the Minneapolis-based discounter more agile to compete in an increasingly competitive landscape and appeal to shoppers who are buying and researching on their mobile devices.
As part of the restructuring plans, Target will eliminate positions primarily at its corporate headquarters — which employs 13,500 workers — as well as Bangalore, India. Target also plans to spend about $1 billion on technology. That’s a big shift from past years when most its capital expenditure was devoted to new stores and renovations of its fleet of about 1,800 stores.
