Massive Target Layoffs: Retailer Plans Thousands of Job Cuts

A set of newly announced Target (NYSE:TGT) layoffs will see thousands of employees lose their jobs.

target-layoffs-tgtThe new Target layoffs are part of the company’s $2 billion restructuring plan. Many of the jobs that are being cut are at the company’s Minneapolis, Minn., headquarters. The layoffs won’t happen all at once and are instead set to take place over a two-year period of time.

The Target layoffs are part of the company’s effort to save money and become more efficient. It said that the restructure will cut down on the complexity at its headquarters and that it would allow it to move with more agility.

“It’s very unfortunate for these people losing their jobs, But I think there were too many layers of management and this caused the company to be stale and not efficient. And not nimble” Brian Yarbrough, a retail analyst for Edward Jones, told Minnesota Public Radio News.

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