Target slashing thousands of jobs, plans to open more stores

(AP Photo)

Target is announcing plans to slash thousands of jobs.

The layoffs are part of a cost-cutting move to save the retail giant $2 billion dollars over the next two years. The company says the restructuring will be concentrated at Target's headquarters locations, where they will eliminate "several thousand positions over the next two years." Most of the affected jobs are from the company's Minneapolis headquarters which has 13,000 workers. Target also plans to cut costs through operations, technology, and process improvements.

The reductions were announced in a meeting with analysts and investors to discuss short- and long-term goals. Chairman and CEO Brian Cornell and his leadership team presented the information.

At the same time, Target plans to invest billions of dollars this year to streamline operations. It also plans to open more small stores and create a product mix that will appeal to a broader and younger demographic.

A spokeswoman tells CNN Money that more details about exactly how may positions will be impacted by the cuts will be announced soon.

Target employs 366,000 people worldwide.
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