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Jobs

Target Joins Layoff Game (TGT)

Photo of Douglas A. McIntyre
By Douglas A. McIntyre Updated Published

Target_logoTarget Corp. (NYSE: TGT) has confirmed that it plans to cut workers, but details are still not out.  We have checked around and the cuts appear to be in the Minneapolis headquarters rather than broad-based cuts at the store level.  We have also heard that the number will be "a few hundred jobs" out of the headquarters rather than a massive layoff at the store level that would affect thousands of its employees.  But we do not yet have any formal figures, so do not be too surprised if the numbers are larger. 

The story originally broke on the Minneapolis Star Tribune, and details should be coming soon from the company.  The mostrecent data puts full-time employees at a level of 366,000 on acompany-wide basis.

Now that the Christmas season is behind us, we expect most large retailers to shed up to 10% to 15% of their ranks in the coming weeks to months.  Some will be brought back in time for the "back to school season," if the economy improves.

Jon C. Ogg
January 27, 2009

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About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.

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