Target To Cut Undisclosed Number Of Jobs

By: Associated Press
By: Associated Press

NEW YORK (AP) -- Target Corp. says it's cutting an undisclosed number of staffers in its headquarters as part of an effort to reduce expenses.

The discount retailer says the cuts are part of an effort to "manage payroll and non-payroll expense in the current economic environment."

The company plans to release more details today.

Minneapolis-based Target has nearly 1,700 stores in 48 states, including 41 in Colorado. The jobs cuts are only expected to impact staffers in Minnesota.

Like most retailers, Target has been suffering as consumers cut spending and shop mainly for necessities.

Target has fared worse than its chief rival, Wal-Mart Stores Inc., because more than 40 percent of Target's revenue comes from nonessentials such as fashions and housewares.

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