Target lays off 475 workers, 700 positions eliminated

By Kyle Johnson,

Target announced on Wednesday that the retailer would be laying off 475 workers and eliminating 700 currently open positions.

In an emailed statement, Target spokeswoman Molly Snyder said, "We believe these decisions, while difficult, are the right actions as we continue to focus on transforming our business," reports Bloomberg. "We will continue to invest in key business areas to strengthen our ability to compete and thrive well into the future."

The second largest U.S. discount retailer will not be cutting jobs in Canada though, despite the weak consumer response. Snyder did not go into detail on where the positions and jobs set to be cut or eliminated will be coming from.

According to USA Today, the announcement of layoffs come as Target has struggled with sales as the retailer is caught between stiff competitors, like Wal-Mart, Costco and even Amazon.

Target is also still reeling from the data theft late last year during the holiday season where hackers were able to make off with nearly 70 million customers' information and an additional 40 million also had their credit card information exposed.

Snyder did say that those whose jobs are being cut will get severance pay for 45 days, with some more veteran employees possibly receiving longer.

image: Wikimedia Commons



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