Cargo Business Newswire

Thursday, March 5, 2015

Target to cut jobs, invest $1B in supply chain and technology

At this week’s investor meeting, Target Corporation chairman and CEO Brian Cornell presented the vision that will transform the retailer's business — cutting thousands of jobs over the next two years and investing as much as $2.2 billion in supply chain, technology and capital expenditures.

"Following a thorough, strategic review of our business, coupled with a careful evaluation of the changing retail landscape, we have identified the key initiatives that will put Target on a clear path to growth," said Cornell. "We're focused on our future and building the capabilities that will take us further, faster. Redefining Target will require a renewed emphasis on prioritization and innovation, and above all else, putting our customers first in everything we do."

Target intends to save $2 billion over the next two years, with savings coming through operations, technology and process improvements, supply chain and sourcing efficiencies, and corporate restructuring.

The company plans to slash thousands of jobs, mostly in headquarters, over the next 24 months and create centralized teams based on specialized expertise. This year, Target said it would invest between $2 and $2.2 billion in capital expenditures, including a $1 billion investment in technology and supply chain.

For more of the Apparel story: apparel.edgl.com