Target to cut 1,800 corporate jobs as incoming CEO Michael Fiddelke moves to restructure and boost stagnant sales

Target Corp. plans to lay off about 1,800 employees as part of a broad strategy to reverse stagnant sales, the Wall Street Journal reported Thursday, citing sources familiar with the matter. According to a memo from Target’s incoming CEO Michael Fiddelke, the cuts include about 1,000 current employee layoffs and 800 roles that will no longer be filled. Together, the cuts represent about 8% of the Minneapolis-based retailer’s corporate workforce. The layoffs do not affect store or supply chain roles. As of February 1, Target employed approximately 440,000 people. The restructuring comes after 11 consecutive quarters of weak or declining comparable sales, the report said. Citing a company spokesperson, CNBC said affected employees will be notified Tuesday and will continue to receive pay and benefits until Jan. 3, along with severance packages. CEO’s statement In the memo, according to a CNBC report, Fiddelke emphasized the need for urgency and simplification: “The truth is, the complexity we’ve created over time has held us back. Too many layers and overlapping work have slowed down decisions, making it harder to bring ideas to life.” He added, “These cuts are difficult, but a necessary step to build the future of Target and enable the progress and growth we all want to see.” Fiddelke’s Priorities Over the past two decades, Michael Fiddelke has held a diverse range of roles at Target, spanning finance, merchandising, human resources and operations. As COO, and previously as CFO, Fiddelke oversaw major investments in Target’s stores, supply chain, digital platforms and workforce. Before joining Target, Fiddelke worked at Deloitte. He holds an MBA from Northwestern University’s Kellogg School of Management and a Bachelor of Science in industrial engineering from the University of Iowa. Fiddelke identified three pressing priorities as he assumes leadership of the retail giant: – Regaining merchandising authority: Strengthening Target’s leadership in product selection and trend setting in retail. -Improve the shopping experience: Ensuring store shelves are consistently stocked and locations are clean, improving overall customer satisfaction. -Investment in technology: Upgrading both in-store and supply chain technology to improve operational efficiency and service quality.