(Reuters) -Target plans to cut around 1,800 corporate roles as part of its strategy to reverse stagnant sales, the Wall Street Journal reported on Thursday, citing people familiar with the matter. As of February 1, the company had about 440,000 employees. The company’s restructuring follows 11 consecutive quarters of weak or declining comparable sales, according […]
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Target plans to cut 1,800 corporate roles, WSJ reports
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(Reuters) -Target plans to cut around 1,800 corporate roles as part of its strategy to reverse stagnant sales, the Wall Street Journal reported on Thursday, citing people familiar with the matter.
As of February 1, the company had about 440,000 employees.
The company’s restructuring follows 11 consecutive quarters of weak or declining comparable sales, according to the report.
Target maintained its annual forecasts in the previous quarter owing to weak demand in its largely discretionary segments such as apparel and electronics items.
Around 80% of the corporate job cuts will affect U.S.-based employees, the WSJ report added.
Target did not immediately respond to a Reuters request for comment.
(Reporting by Anshi Sancheti in Bengaluru; Editing by Maju Samuel)