MINNEAPOLIS (dpa-AFX) - Retail giant Target Corp. (TGT) is planning to lay off approximately 1,800 corporate employees or 8 percent of its corporate staff, as part of the incoming CEO Michael Fiddelke's move to improve operational efficiency and boost stagnant sales.
The layoffs were announced by Fiddelke in a memo to employees. Currently chief operating officer, Fiddelke is set to take over as CEO in February 2026. He previously served as chief financial officer also. He joined Target in 2003 as an intern.
The move, the first major layoff in a decade, will primarily affect 'non-field roles' at the company's Minneapolis headquarters. These include the elimination of about 800 vacant positions. It will not affect roles in the store or supply chain.
Fiddelke said, 'Too many layers and overlapping work have slowed decisions, making it harder to bring ideas to life.' He asked all U.S. HQ team members to work from home next week as the changes are made from Tuesday.
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