by Christopher Freeburn | January 23, 2014 9:13 am
Discount retail chain Target says it plans to trim its workforce.
Target has already cut 700 unfilled positions over the past six months. On Wednesday, Target announced that another 475 workers will be laid off. Workers who lose their jobs in the Target layoff will receive a minimum of 45 severance pay. The cuts will not affect Target workers in Canada, USA TODAY notes.
According to the Star Tribune, most of the workers to be laid off by Target are employed at its Minneapolis, Minn., headquarters.
Last month, Target announced that it had been the victim of a massive hacking scheme that compromised data linked to 40 million debit and credit cards used by consumers at Target stores around the country.
In January, Target conceded that fallout from the breach had seriously dampened holiday season sales. Target operates more than 1,900 stores. The company employs about 361,000 workers.
TGT stock slipped slightly in Thursday pre-market trading. Target stock has fallen about 19% since hitting a high of about $73 a share in July.
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