February 23, 2015 - rainprincess64
Target to Lay Off 550 Minneapolis Employees, Due to Failure in Canada. Is This A Sign of Things to Come?
The article also mentioned another 170 jobs being cut off in its technological operations location in Bangalore, India. Hmm, do you guys think that this could be a sign of things to come amongst other things? Is all of this a sign that Tarshit is on the verge of becoming a failing company (or already is)? Are people starting to understand that this company does so many things wrong and very few things right?
Target Corp. is laying off 550 employees in its Minneapolis corporate offices in the latest fallout from its failed expansion into Canada.
The Minneapolis-based retailer said Wednesday that about 350 of the workers were losing their jobs immediately. Most of the remaining layoffs would occur as the Canadian operation wound down, Target said.
Target is in a belt-tightening phase under new CEO Brian Cornell, who is reviewing all of Target’s operations and hasn’t been shy to ax those he thinks aren’t working.
In January, Cornell and the Target board said they would close all 133 stores in Canada, less than two years after the company opened its first store north of the border.
That decision cost some 17,600 Target Canada employees their jobs — and meant a $5 billion loss — leading to significant aftershocks at Target’s Minneapolis headquarters.
Target spokeswoman Katie Boylan said Wednesday’s layoffs affected “teams across the organization.” She declined to give breakdowns by department.
“That said, I can tell you today’s changes did not impact our U.S. stores or distribution centers,” Boylan said. “All impacted positions were headquarters-based positions in Minnesota or India.”