Target announced in a filing on Tuesday that it was laying off 1,700 employees as part of a cost-cutting drive at its Minneapolis headquarters, the first in a wave of job cuts expected at the retailer over the next two years.þþTarget Plans to Cut Jobs to Help Save $2 BillionMARCH 3, 2015þExecutives at Target, which is in the midst of a turnaround after a string of lackluster years, warned investors last week to expect “several thousand” job cuts, mostly in Minneapolis, as the company reorganized its operations.þþTarget expects to pay severance costs of about $100 million in this round of cuts, which will be booked as a pretax charge in its first-quarter earnings, the retailer said.þþOver all, Target is aiming for a cost savings of $2 billion over the next two years to bolster investment in areas like food, e-commerce, and supply-chain technology.
Source: NY Times
