US Target slashes jobs

target, USUS retail chain Target is slashing hundreds of jobs as it moves to trim $US2 billion ($A2.59 billion) in expenses after a costly withdrawal from the Canadian market.

Target said 1700 jobs will be cut, primarily from headquarters locations. The company also “permanently closed” 1400 positions that had been kept open, it said in a statement on Tuesday.

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, personalisation, 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 CEO 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 $US5.1 billion charge on the investment.

Target employs 366,000 employees worldwide, with the vast majority in the US, where it has about 1800 stores.

The company is based in the midwestern state of Minnesota, where it has about 30,260 employees.

Shares in Target were down 1.0 per cent at $US77.77 in midday trade on the New York Stock Exchange.

AFP

 

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