Target trims corporate payroll and benefit costs

by The City Wire staff ( 3 views 

Retailer Target Corp confirmed it is paring down employment costs, cutting 475 jobs in its Minneapolis home office and leaving another 700 positions vacant across the retail chain.

Target has a global headcount of 361,000 and employs about 14,000 at its corporate headquarters in Minnesota.

It’s been less than two weeks since Target reduced its earnings forecast for the holiday season and its fourth quarter, related to weaker than anticipated sales following the announcement of the cyber-security breach which involved 110 million of its customers during the busiest shopping season of the year.

Analysts have said Target’s problems started before the data breach, but the costs associated with this major cyber attack will be in the millions.

Also on Wednesday, Target announced it would no long offer insurance to its part-time workers, citing options available to them in state and federal healthcare marketplaces.
The company said that the majority (less than 10%) of its part-time workforce does not enroll in healthcare coverage currently offered by the retailer.