Target to cut 1700 jobs

GMT 21:48 2015 Tuesday ,10 March

Arab Today, arab today Target to cut 1700 jobs

US retail chain Target
New York - AFP

US retail chain Target said Tuesday it will cut about 1,700 jobs as it moves to trim $2 billion in expenses after a costly withdrawal from the Canadian market.
Target said the 1,700 job cuts will come primarily from headquarters locations. The company also "permanently closed" 1,400 positions that had been kept open, it said in a statement.
The moves were previewed at an investor day last week, but the company released no specifics at the time.
"We know that to compete in this evolving retail environment, we must simplify how we work," Target said.
"While today's news is difficult, it's important to know that we will continue to make investments in our business and team -- particularly in areas such as digital, personalization, data and analytics, and engineering -- to position Target for future success."
Target Corp., which bills itself as an "upscale" discount retailer, last August tapped Brian Cornell as chief executive following a massive data breach of shoppers' credit card data.
In January Target announced that its Canadian subsidiary, which had filed for bankruptcy protection, would close all of its 133 stores, resulting in the loss of 17,600 jobs. The company took a $5.1 billion charge on the investment.
Target employs 366,000 employees worldwide, with the vast majority in the US, where it has about 1,800 stores. The company is based in the midwestern state of Minnesota, where it has about 30,260 full- and part-time employees.
Shares in Target were down 1.0 percent at $77.77 in midday trade on the New York Stock Exchange.


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