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Target just laid off 1,700 employees as part of a cost-cutting initiative, WWD reports. The cuts occurred mainly at the Target headquarters in downtown Minneapolis, according to Minneapolis's KARE11. Target employs more than 30,000 employees, with a third of them working at the headquarters. In addition to the layoffs, Target will also close 1,400 open positions. Severance paid to the departing employees will cost Target $100 million.
Target's new CEO Brian Cornell is hoping to lead Target through a "huge transformation" and he's already ripped off a Band-Aid by closing Target's failing stores in Canada, a move which affected 17,600 employees. Target wants to generate $2 billion in cost savings over the next two years, according to WWD.