Target is cutting around 1,800 corporate roles in its first major layoff in around a decade as the retailer looks to reverse years of stagnant sales and simplify its operations.

The move, unveiled by incoming CEO Michael Fiddelke in a memo to employees on Thursday, comes at a time its share price has lagged rivals and the company has faced backlash for pulling back from its diversity, equity, and inclusion policies.

“Too many layers and overlapping work have slowed decisions, making it harder to bring ideas to life,” Fiddelke, who takes the helm in February next year, said in the memo. “It’s a necessary step in building the future of Target.”

The decision will affect about 8% of its corporate workforce, including the closure of 800 open positions. Employees losing their jobs will receiv

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