In order to “fuel growth and drive profitability”, Target is looking to cut costs to the tune of $2 billion.
“These savings will be realized through operations, technology and process improvements; supply chain and sourcing efficiencies; and corporate restructuring,” says the company.
This will include some job cuts, which will come primarily from corporate locations in Minneapolis and India – which employ around 26,000 people in all – according to Reuters.
“Following a thorough, strategic review of our business, coupled with a careful evaluation of the changing retail landscape, we have identified the key initiatives that will put Target on a clear path to growth,” said Chairman and CEO Brian Cornell in a statement. “We’re focused on our future and building the capabilities that will take us further, faster. Redefining Target will require a renewed emphasis on prioritization and innovation, and above all else, putting our guests first in everything we do.”