Just a week after Target said it would cut thousands of jobs in its restructuring, the retailer followed through yesterday, laying off 1,700 people at its corporate headquarters in Minneapolis. Target also said it wouldn’t fill 1,400 open positions. The layoffs, the largest in the company’s history, amount to 13% of the total headquarters staff.
According to a report in the Minneapolis Star Tribune, layoffs actually started last week with senior executives getting cut, and then upper mangers were let go on Monday. But most employees learned their fates Tuesday morning and were sent packing right away.
Media reports say severance packages for all workers will start with 15 weeks’ pay, six weeks of benefits coverage and further pay based on how long an employee has been with Target.
Target’s statements last week about the restructuring said that thousands of jobs would be cut, so clearly, there’s more to come.