Target Cuts 1,800 Jobs
Embattled American retailer Target is set to cut more than 1,000 jobs in corporate, and 800 open positions in an effort to improve their position. Incoming CEO, Michael Fiddelke, said in a memo to employees that the job cuts represented 8% of the company’s global HQ team in Minnesota.
CNBC reports that the most recent layoffs are the company’s largest in the last ten years.
Longtime and former CEO, Brian Cornell, will transition into the role of executive chair of the board of directors in February 2026, with the hopes that Fiddelke can turn around the retailer. In fiscal Q2, comparable store sales declined by 1.9% YoY, this on the heels of another drop in sales of 3.8% in the first quarter. Historic sales data for the last two years are not that much different, highlighting a downward sales trend rather than a sporadic one or two bad quarters.
Target’s 5-Year Share Price
According to Supermarket News, Fiddelke stressed that, once he gets into office, he will focus all efforts on the following three priorities:
Re-establish Target’s merchandising authority, which will include efforts around newness and differentiation in food and beverage categories
Provide a more consistent elevated in-store experience for customers, which includes improving in-stock conditions
Leverage technology to improve speed, customer experience and operational efficiency
