Target, the prominent US retail giant, has unveiled plans to eliminate 1,800 corporate positions in a bid to revitalize its business after four consecutive years of stagnant sales. The layoffs, scheduled to commence next week, represent the company’s first significant workforce reduction in a decade and will impact approximately 8% of its global corporate staff. Incoming CEO Michael Fiddelke attributed the decision to organizational inefficiencies, stating in a memo that ‘too many layers and overlapping work have slowed decisions, making it harder to bring ideas to life.’ The move comes as Target grapples with weak sales, a declining stock price, and increasing competition from rivals like Walmart. Consumer spending on non-essential items, which constitute nearly half of Target’s revenue, has dwindled amid economic pressures and backlash over the company’s diversity policies. Fiddelke, a 20-year veteran of the company, described the layoffs as a ‘necessary step in building the future of Target.’ The restructuring will see 1,000 employees laid off, while 800 vacant roles will remain unfilled. Notably, the cuts will not affect retail staff at Target’s nearly 2,000 stores nationwide. The company, historically known for its affordable clothing, groceries, and home goods, has faced challenges from macroeconomic headwinds, inventory issues, and the fallout from its decision to scale back diversity, equity, and inclusion (DEI) initiatives. Target’s share price has plummeted 30% this year, contrasting sharply with Walmart’s 18% gain. Fiddelke, who assumed the CEO role in August, has pledged to accelerate innovation, enhance product quality, and integrate more technology into the business. Further details on the restructuring are expected to be announced next Tuesday.