Target to lay off 475 employees at corporate headquarters


In another round of cost-cutting efforts, Target (TGT -0.5%) is laying off 475 employees at its corporate headquarters (~4% of the workforce there) and not filling 700 open positions.

A laid off employee said cut staff will be replaced by workers in India and contractors, with the terminations in the works for over half a year.

Previous: Target to end health coverage for part-time employees

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Comments (21)
  • Portage, MI
    , contributor
    Comments (200) | Send Message
     
    Can you read it? THE WRITING IS ON THE WALL ! LOOK OUT BELOWWWWWW
    22 Jan 2014, 02:13 PM Reply Like
  • tomlos
    , contributor
    Comments (1299) | Send Message
     
    next support is a long ways down... look out below is right.
    22 Jan 2014, 03:50 PM Reply Like
  • crilleyb
    , contributor
    Comments (19) | Send Message
     
    Their running out of feet to shoot, had them as a possible buy at 58 but I'll let this one slip by until they get someone else to run PR and possibly the company. Canada, data breach, more data breach, (oh sorry we looked harder and found more stuff was stolen), stopping health coverage for PT (we're doing them a favor by letting your tax dollars pay for it), and now layoffs and sending the work to India. I'm really concerned about the management team and if they are competent and capable.
    22 Jan 2014, 02:14 PM Reply Like
  • Cash Flow Assets
    , contributor
    Comments (494) | Send Message
     
    I own TGT stock holding and I don't like it. They laying off people for not their mistake. Credit card issue has nothing to do whit this people getting laid off.
    22 Jan 2014, 02:28 PM Reply Like
  • Morgan Myrmo
    , contributor
    Comments (969) | Send Message
     
    Why own TGT when WMT is executing well and has a higher earnings yield?
    22 Jan 2014, 09:23 PM Reply Like
  • tomlos
    , contributor
    Comments (1299) | Send Message
     
    Thinking I need to trim some of my holdings here and rebalance... doubling up on PM here I come.
    22 Jan 2014, 03:01 PM Reply Like
  • Bouchart
    , contributor
    Comments (1159) | Send Message
     
    Since TGT is getting beat up over their credit card hacking scandal they might as well get all of their bad news out at once.
    22 Jan 2014, 03:12 PM Reply Like
  • C D
    , contributor
    Comments (178) | Send Message
     
    Not holding this stock anymore- Laying people off and sending jobs to India! No thanks! No one should hold this stock now!
    22 Jan 2014, 03:40 PM Reply Like
  • bd4uandu
    , contributor
    Comments (2074) | Send Message
     
    I wonder if the 475 is in the IT department?
    22 Jan 2014, 03:59 PM Reply Like
  • Trout Langston
    , contributor
    Comments (25) | Send Message
     
    Took a smallish position last week. Looks like I should up my position in J&J - I'll need a lot of Band-Aids after trying to catch this falling knife.
    22 Jan 2014, 04:09 PM Reply Like
  • Portage, MI
    , contributor
    Comments (200) | Send Message
     
    Where there's smoke , there's fire. I got out at a good time.
    22 Jan 2014, 04:09 PM Reply Like
  • D.B. Kim
    , contributor
    Comments (147) | Send Message
     
    pretty sad... $TGT lax security costing customers, banks a lot of headaches and then 475 employees get the boot... maybe its time to give over paid CEO the boot.
    22 Jan 2014, 04:09 PM Reply Like
  • Da Bing
    , contributor
    Comments (30) | Send Message
     
    Buffet said be greedy when others are fearful... sending jobs to India is something every company is doing. Wal-mart does a great job of cutting costs at the expense of its employees health insurance and I don't hear anyone screaming foul. Fact of the matter here is TGT has paid a dividend for 46 (not a misprint!) consecutive years! Currently trading at 15 PE and 2.9% yield makes this an attractive stock
    22 Jan 2014, 04:16 PM Reply Like
  • Average Dividend Yield
    , contributor
    Comments (92) | Send Message
     
    100% Agree. It really narrows your options when looking to invest in companies that do not send jobs abroad!
    22 Jan 2014, 08:10 PM Reply Like
  • bd4uandu
    , contributor
    Comments (2074) | Send Message
     
    I liked Target web site when Amazon was doing it.... http://bit.ly/19OweX0
    22 Jan 2014, 05:01 PM Reply Like
  • AYII
    , contributor
    Comments (28) | Send Message
     
    Target CEO must resign........I believe the dividend is in significant jeopardy. Everybody must also remember that this is the same CEO that been making the promise of 3-5% comp growth quarter-after-quarter throughout 2010-2012 and missing heavily.

     

    Target website also crashed in the Holiday season in 2012, so IT problems two years in a row, and he still CEO? Gregg MUST resign ASAP.
    22 Jan 2014, 07:59 PM Reply Like
  • Alex Kopco
    , contributor
    Comments (2) | Send Message
     
    A random ex-employee who was probably stopped on her way out of the building speculated that her job was going to be shipped off to India and was quoted in a local newspaper. That "fact" was barely newsworthy, let alone enough to make me bat an eye at my long position in TGT. I'll buy even more when it hits $55.
    22 Jan 2014, 08:23 PM Reply Like
  • bd4uandu
    , contributor
    Comments (2074) | Send Message
     
    Actually a cut in the employment rolls might be good... Maybe they will quit rearranging the grocery aisles. Every time I go in there they are moving things around. Then they have people running around asking if they can help you find something.
    22 Jan 2014, 09:36 PM Reply Like
  • jja_usa
    , contributor
    Comments (108) | Send Message
     
    Retailers do not excite me, for some reason, I've done well the last 20 years, but fearful of the next 5 years, demographics , low wages , health insurance costs, europe, china, Just sayin, but S&P @ 1850 is scary, IMO
    23 Jan 2014, 01:45 AM Reply Like
  • habear
    , contributor
    Comments (87) | Send Message
     
    as an owner, i couldn't be happier to hear the news. let the stock prices return to reasonable levels...
    23 Jan 2014, 05:19 AM Reply Like
  • www.mumbo.info
    , contributor
    Comment (1) | Send Message
     
    "Jobs" are of the past. Times have and are changing. Think globally, not locally. Many people are creating wealth owning their own businesses, not still doing the trial and error "job" thing. The average person that complains about layoffs is the "job mentality" person. What those people complaining need to do is quit pointing the finger and do something about it.
    19 Mar 2014, 02:52 AM Reply Like
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