One of the largest U.S. retailers laid out a plan to transform the company, with thousands of job cuts among the changes that are on the way for Target.
Forbes reports that CEO Brian Cornell unveiled the plan at Tuesday’s investor meeting, with the company setting its sights on cutting $2 billion in costs over the next two years.
The plan also includes boosting the stores’ food offerings and expansion via new urban locations.
“The Minneapolis-based company also said it would cut several thousand positions over the next two years, mainly from headquarters locations, in relation to cost-cutting efforts,” Forbes reports. “Target hopes to save $2 billion over the next two years in order to free up capital for key growth and profitability initiatives. The company has been working to move on from costly blunders, including a massive data breach and unsuccessful foray into Canada.”
Said Cornell: “While we’re in the early days and there’s no doubt that transformation can be challenging, we’re taking the steps necessary to unleash the potential of this incredible brand.”
Cornell stepped in as CEO six months ago.