Posted September 25, 2019 11:03:31The retail giant is on track to cut more than 1,200 jobs at its North American headquarters by 2020, as it seeks to boost sales in the US and boost profitability.
Target has announced the closure of about 5,000 retail jobs in North America over the next three years, as part of a broader reorganisation.
Its chief executive officer, Gregg Steinhafel, said the company would slash nearly a quarter of its workforce by 2020.
It said it would lay off nearly 300 of its US workforce and lay off another 200 in Canada.
The job cuts come as Target tries to regain its footing in the retail industry.
Its retail sales in November declined for a fifth consecutive month, following a sharp decline in the previous quarter.
Its shares fell more than 8 per cent on Thursday, falling to a low of $15.50.
Its stock has gained almost 25 per cent over the past year, and is up more than 25 percent in the past three months.