Target To Cut 1,700 Jobs

Target Corp. said in a regulatory filing on Tuesday that it plans to cut 1,700 jobs as it seeks to cut costs and simplify operations. The No. 2 U.S. discounter said it expects to incur severance costs of about $100 million, which it will accrue as a pre-tax charge in the first quarter ending May 2. Target said last week at its analyst meeting that it plans to cut several thousand jobs, mostly at its Minneapolis corporate headquarters, over the next two years as it seeks to cut $2 billion in costs. The company has a total employee base of 366,000, including about 13,000 in its headquarters.