Target will cut 1,800 corporate jobs, the US retail giant told employees on Thursday, as the struggling company pushes to reverse four years of stagnant sales.
The layoffs, to be rolled out next week, mark the retailer's first major downsizing in a decade and will slash roughly 8% of its global corporate workforce.
"Too many layers and overlapping work have slowed decisions, making it harder to bring ideas to life," incoming chief executive Michael Fiddelke said in a memo.
Several quarters of weak sales and a slumping stock price have set Target behind Walmart and other rivals. Shoppers have curtailed non-essential spending, while backlash over diversity policies has added to Target's woes.
Mr Fiddelke, a 20-year veteran of the company, called the layoffs a "necessary step in building the future of Target". He was named chief executive in August and is set to take over from Brian Cornell, the company's current leader, in February.
