Target to Lay off 500 Workers as New CEO Shakes Up Leadership Team

In an internal memo obtained by CNBC, the retailer said Monday that it is increasing store staffing but cutting around 500 jobs at distribution centers and regional offices. 

• Improving shoppers’ in-store experience is a priority for newly minted Target CEO Michael Fiddelke, who took the helm at the beginning of this month.

The company said it was consolidating the number of districts to streamline its store field structure and better empower store directors, prompting the layoffs. It said the restructuring would allow for increased investment in additional in-store labor and guest-experience training.

Target didn’t specify how much it would increase in-store investments, but it also announced a leadership shake-up on Tuesday.

“These structure changes will support growth,” the company said.

Fiddelke, who was appointed in August and officially took the helm this month, has said he wants to improve merchandising, digital capabilities and the store experience. On Tuesday, he said he was replacing the head of merchandising at the company and bringing in a new chief operating officer.

Chief Commercial Officer Rick Gomez will leave the company, while Jill Sando, who oversees merchandising for apparel and accessories, home and Fun101, will retire, Target said.

Home Depot cuts 800 jobs, orders corporate workers back to office full time

Home Depot  has laid off 800 workers associated with its corporate headquarters, part of an effort to boost the company’s speed and focus more on its front-line workers.

• Layoffs affected fewer than 150 roles at the Atlanta headquarters, and the rest worked remotely

The home-improvement retailer also said its corporate employees will have to return to the office five days a week, starting the week of April 6.

Home Depot said the layoffs affected fewer than 150 roles based at its Atlanta headquarters, and the rest worked remotely.

The cuts amount to about 0.2% of the company’s total workforce, given it employed 470,100 people at the end of fiscal year 2024, according to its latest annual filing.

The changes aim to simplify Home Depot’s corporate operations to better support its stores and customers, the company said.