Expected layoffs: decline in sales, criticism for its withdrawal from DEI, 30% drop in share price in 2025, and now it will lay off 1,000 employees
Here’s everything we know about the expected layoffs for employees of this historic chain.
Target is set to undergo a number of significant changes, and have announced plans to eliminate around 1,000 jobs, marking one of the largst workforce reductions in the company’s history.
This move comes as Target is fighting against declining sales, with a shocking 30% drop recorded in its stock price this year. As well as that, they are being subjected to mounting criticism over its withdrawal from diversity, equity, and inclusion (DEI) initiatives.
In an ironically positive email from incoming Target CEO Michael Fiddelke, employees who still had their jobs were told that the changes were going to “set the course for our company to be stronger, faster and better positioned” for the future.
While we’re not sure yet, the layoffs are expected to impact various departments, including marketing, technology, and supply chain management as the company looks to recover by cutting costs following three straight quarters of dropping sales.
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In addition to the dire financial situation, Target has faced backlash for its recent actions concerning DEI programs. The company, once a vocal supporter of LGBTQ+ rights and other social causes, has bent the knee to Trump authoritarian regime and scaled back its DEI initiatives.
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