Target to lay off 1,700

Published 12:00 am Wednesday, March 11, 2015

MINNEAPOLIS — Target Corp. said it was wiping out 3,100 headquarters jobs, including laying off 1,700 people, with most learning their fate Tuesday.

The company Tuesday morning elaborated for the first time on a plan announced last week to eliminate “several thousand” jobs, chiefly at its corporate offices in the Minneapolis area. In addition to the layoffs, Target said 1,400 open jobs will be closed and unfilled.

The company said each employee who is cut will receive at least 15 weeks of pay plus additional severance amounts based on length of time with the retailer. Target said benefits will continue for six months, and employees will receive outplacement support and other services.

In a filing with securities regulators, Target said it expects severance costs of about $100 million, resulting in a charge against its first-quarter results.

The company, the nation’s fourth-largest retailer with about $72 billion in annual revenue, employed 13,000 at corporate offices in the Twin Cities before the job cuts, which are the largest in its headquarters.

Including another 14,000 people at stores around Minnesota, Target is the state’s largest employer after the state and federal governments and Mayo Clinic.

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