Target Corp. plans to cut “several thousand” jobs, mainly at headquarters, during the next two years and invest $1 billion in technology and supply chain in 2015 as part of an ambitious and wide-reaching plan to transform its business for a digital age. (Target expects to invest between $2 and $2.2 billion in total capital expenditures in 2015.)
Target chairman and CEO Brian Cornell has made some bold moves since arriving at Target last fall, but the most significant revelations concerning long term prospects will come in early March when the company hosts its first investor conference of the Cornell era on March 3.
Target is calling it quits in Canada. The retailer said is closing down its money-losing Target Canada business. The chain previously indicated it would review its Canadian subsidiary, which launched with great fanfare in March 2013, after the 2014 holiday season.
Less than two months after resigning as president and CEO of Sam’s Club, Brian Cornell has landed at Purchase, N.Y.-based PepsiCo where he will serve as CEO of the company’s North American food division.