Major news from Minneapolis-based Target.
The country's second largest brick-and-mortar retailer announced they are cutting 1,800 hundred positions from its corporate headcount, the second-largest downsizing of its headquarter staff in over a decade.
University Of Minnesota Marketing Professor George John says this may just be par for the course in today's business world.
"It just seems to be a feature of our economy today whether companies are doing well or doing poorly, you see layoffs," says John. "You see layoffs at Amazon. You see layoffs at Microsoft. You see layoffs at Google. And those are among the stocks that are the highest high-flyers in the stock market."
Those affected will learn their fate on Tuesday of next week.
The shift will will cut 1,000 employees and close roughly 800 open positions, chopping 8% of Target’s global team.
According to the Star Tribune, all corporate staff have been asked to work remotely next week.
John says this shouldn't impact the company's holiday plans, however.
"Most of the planning for the holiday season is already baked in," says John. "Whatever they've got going, they've already decided those plans, and right now it's just execution. So it's very hard to know why this timing and we can speculate, but that would be it."
Those impacted will continue to receive pay and benefits through January 3.
In August, the company announced that Chief Operating Officer Michael Fiddelke, who has been with Target for 20 years, will become CEO Feb. 1 and replace longtime CEO Brian Cornell.