Target Corp (NYSE:TGT) late Thursday revealed that it is eliminating 1,800 jobs across its organization, representing about 8% of its corporate workforce.
The layoffs, which are largest round at the retailer in a decade, are part of Target’s efforts to streamline decision-making and speed up initiatives to rebuild its customer base.
Sales at the company have been stagnant for about four years, and Target has stated that it expects its annual sales to decline this year.
Employees received the layoffs news in a memo sent by Target’s incoming CEO Michael Fiddelke at its headquarters, CNBC reported.
Affected employees will be notified on Tuesday will receive pay and benefits until January 3, in addition to severance packages, according to a company spokesman.
Shares of Target have fallen about 41% over the past five years, while rival Walmart’s stock has surged 123% over the same time period.
Target shares rose 0.3% to $94.56 in midday trading on Friday.