Target Corp. to Cut 475 Positions

Updated: 01/22/2014 6:51 PM By: Leslie Dyste

Photo: KSTP/File
Photo: KSTP/File

Target Corp. is laying off nearly 500 people, the company announced to employees Wednesday.

Spokeswoman Molly Snyder tells that 475 employees will be laid off worldwide and an additional 700 open positions will not be filled. She says while no positions in Canada will be impacted, she does not have details on the impact of layoffs in the Twin Cities.

"As an organization, Target continually assesses our operating model to ensure we are well-positioned to adapt to changing business needs," the company said in a statement. "Today we informed our team that approximately 475 positions are being eliminated worldwide. We believe these decisions, while difficult, are the right actions as we continue to focus on transforming our business. We will continue to invest in key business areas to strengthen our ability to compete and thrive well into the future."

Snyder says the layoffs are "not in response or at all related" to the massive data breach that it is believed to have involved 40 million credit and debit card accounts and the personal information of 70 million customers.

She adds, "One of the goals of today's announcement is to streamline and simplify our operating model."

It was also recently reported that Target Corp. will stop offering health insurance coverage for its part-time workers, effective April 1. The company will instead offer $500 to employees who are losing their coverage to use for coverage through health insurance marketplaces run by state or the federal government.

According to Target, less than 10 percent of its workforce currently enrolls in its part-timer health insurance plan.

At this point, additional details on the layoffs have not been released.