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Target cuts 475 jobs in Minnesota offices [January 23, 2014] By Dhanya Skariachan NEW YORK (Reuters) — Target Corp <TGT.N> said on Wednesday that it is cutting 475 jobs at its headquarters and other offices in Minnesota and will not fill 700 open positions worldwide. |
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The company, which employs 361,000 people around
the globe, had a tough 2013 as U.S. shoppers remained cautious
and its new Canadian stores did not do as well as it had
anticipated. Target faced more pressure during the holiday season when it
fell victim to a cyber attack that led to the theft of payment
card numbers and personal data of tens of millions of its
shoppers. "We believe these decisions, while difficult, are the right
actions as we continue to focus on transforming our business,"
Target spokeswoman Molly Snyder said on Wednesday. She declined to provide details of the jobs being cut or the
positions being left open. In early January, Target, the third largest U.S. retailer, cut
its fourth-quarter profit forecast, in part due to
weaker-than-expected sales since reports of the cyber-attack
emerged in mid-December. Target expects full-year earnings to
include charges related to the data breach, but said it could
not estimate the costs. Just days after the breach became public, lawyers and retail
consultants told Reuters the data theft could end up costing
hundreds of millions of dollars. Target shares closed down 0.4 percent at $58.98 on the New York
Stock Exchange. (Editing by Leslie Adler) [© 2014 Thomson Reuters. All rights reserved.] Copyright 2014 Reuters. All rights reserved. This material may not be published,
broadcast, rewritten or redistributed.
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