Target has announced it is cutting 550 jobs in Minnesota – 350 of which will be effective immediately – following its withdrawal from Canada.

The Minneapolis-based retail giant made the announcement Wednesday morning, and comes after it announced last month it would be leaving the Canadian market, closing 133 stores in the process.

The Business Journal reports 350 Minnesotan workers will lose their jobs immediately, with the remainder going once the Canadian stores are all closed. A further 170 jobs will be lost in India.

"This is a difficult day for the Target team but we continue to believe that the steps we are taking are the right ones for the company," spokeswoman Katie Boylan said in a company statement.

The statement said that workers will receive "comprehensive" severance packages based on their service and will remain on the payroll for at least 60 days. Target will continue to pay the employer portion of their benefits for the next six months as well.

Around 17,600 employees in Canada will be laid off as operations north of the border wind down, but it also employed hundreds of staff in the Twin Cities in support roles.