Target announced plans to cut 1,800 corporate jobs as part of a major restructuring effort aimed at reviving the company after four years of stagnant sales. The layoffs, which represent about 8% of its global corporate workforce, mark Target’s first major downsizing in a decade and will begin next week.
Incoming chief executive Michael Fiddelke told employees in a memo that “too many layers and overlapping work have slowed decisions, making it harder to bring ideas to life.” Fiddelke, a 20-year veteran of the company, described the move as a “necessary step in building the future of Target.” He will officially take over from current CEO Brian Cornell in February, after being appointed to the role in August.
According to a company spokesperson, around 1,000 employees will be laid off while 800 vacant roles will remain unfilled. Corporate staff in the US have been asked to work from home next week, ahead of the announcement of more details on Tuesday. The cuts will not affect Target’s nearly 2,000 retail stores nationwide.
The retailer’s shares have dropped 30% so far this year, in contrast to Walmart’s 18% gain. Earlier in 2025, Target warned of weaker annual sales amid falling discretionary spending. Although it narrowly exceeded quarterly earnings projections in August, it maintained a cautious forecast for the remainder of the year.
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