(Twin Cities) More layoffs seem to be coming to Target headquarters in Minneapolis, its executives hinted Wednesday. They just didn’t say where or when.
In order to fund Target’s new priorities, CEO Brian Cornell told analysts, “we’re committed to reducing complexity and controlling costs.”
The discounter is striving to remake its plodding corporate culture to “become more agile, move faster, gain scale of efficiencies in the way we work,” Cornell said during the company’s fourth-quarter earnings call.
“We believe meaningful opportunities exist, and the leadership team is committed to moving decisively to modernize the way we work and to create the capacity we’ll need to invest in the priorities that will drive growth.”
Cornell didn’t say what would be cut to “create the capacity” that Target desires. But some details will start to emerge Tuesday, when the company meets with Wall Street analysts and unveils its roadmap.
John Mulligan, Target’s chief financial officer, said on a separate media call Wednesday that Target has analyzed “cost takeout” opportunities, including possible reductions in its corporate staff.
Last month, Target said it was laying off 550 employees in its Minneapolis corporate offices, after its failed expansion into Canada. It also rescinded job offers for dozens of new Target corporate hires who hadn’t yet started work.
Target remains Minnesota’s most visible corporation, employing more than 10,000 workers at its downtown Minneapolis headquarters, boasting a nationwide retail presence, a strong history of civic involvement and affixing its corporate name to the Twins baseball field and Timberwolves basketball center.