Target cutting 1,800 positions, 1,000 employees set to be laid off

Target names new CEO, stock drops with sales

Target has named its new CEO, which was met by a drop in its stock price on Wednesday. Meanwhile, sales have fallen for another quarter. FOX 9?s Mike Manzoni has the latest on the retailer whose headquarters is based in Minnesota.

MINNEAPOLIS (FOX 9) - Target announced Thursday it will be eliminating 1,800 positions from its corporate staff.

Target cuts positions, announces layoffs

What we know:

In an email sent to employees, Target said it will be restructuring and will cut about 1,000 employees and 800 open positions will be closed.

Target's corporate staff has been asked to work from home next week, and employees will not find out their fate until Tuesday.

A Target spokesperson told the Associated Press (AP) that the cuts represent around 8% of Target's global workforce, but the majority of employees affected work at the headquarters in Minneapolis.

According to AP, Target's comparable sales dropped 1.9% in its second quarter, and its net income dropped 21%.

The retailer said in the email that the layoffs were not to cut costs but to streamline operations and bring forth "progress and growth."

Those affected by layoffs will receive pay and benefits through Jan. 3, and will get severance packages and support services.

In-store associates will not be affected by the restructuring.

What they're saying:

FOX 9 is told multiple Target workers believe making employees wait throughout a long weekend to know their fate is cruel.