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Target Cuts 475 Workers While Eliminating 700 Open Positions

Target Corp. (TGT), the second-largest U.S. discount retailer, is terminating 475 employees at offices globally and will eliminate an additional 700 positions that aren’t currently filled.

“We believe these decisions, while difficult, are the right actions as we continue to focus on transforming our business,” Molly Snyder, a Target spokeswoman, said today in an e-mailed statement. “We will continue to invest in key business areas to strengthen our ability to compete and thrive well into the future.”

Target is barely growing in the U.S. while a move into Canada has received a cold shoulder from consumers there. Last month, the chain said data from millions of debit- and credit-card accounts were compromised after hackers stole the information. Target said the breach hurt holiday sales and cut the fourth-quarter forecast for its U.S. operations.

Snyder declined to provide specifics on the divisions or countries that would be affected, though she said no positions in Canada will be eliminated. In October, the company said 150 jobs would be cut in Minnesota, where it employs about 14,000 people.

Target, based in Minneapolis, fell 0.4 percent to $58.98 at the close in New York. The shares rose 6.9 percent last year, trailing the 30 percent gain of the Standard & Poor’s 500 Index.

To contact the reporter on this story: Renee Dudley in New York at rdudley6@bloomberg.net

To contact the editor responsible for this story: Robin Ajello at rajello@bloomberg.net

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