Target has confirmed that 1,700 jobs will be eliminated from its headquarters in Minneapolis.
In a statement to media outlets, the company says that 1,700 staff members are being told they will lose their jobs, and that it will not be filling 1,400 open positions.
Target announced during a strategy announcement last Tuesday it would be cutting "several thousand" positions as part of a $2 billion savings program, with the Star Tribune reporting that cuts at executive level had already started before Tuesday.
"We have previously shared that there would be headcount reductions. And today, we informed our team that we are eliminating approximately 1,700 positions, primarily from our headquarters locations," a spokesperson told BringMeTheNews.
"In addition, we permanently closed 1,400 open positions. While today’s news is difficult, it’s important to know that we will continue to make investments in our business and team -- particularly in areas such as digital, personalization, data and analytics, and engineering to position Target for future success. "
Target has left the door open on future job cuts as well, telling BringMeTheNews: "We will continuously review opportunities to control cost and fuel growth."
The Business Journal says Tuesday's cuts represent 13 percent of the retail giant's corporate workforce, and reports that cutting the positions will cost the company $100 million.
Severance packages revealed
Those leaving the company will be given a "comprehensive" severance package, which will include a minimum of 15 weeks pay.
Employees will get additional severance pay as well, but how much will depend on how long they have been at the company.
They will also receive six months of benefits coverage, as well as "outplacement support and access to free executive education courses."
Target also has a headquarters office in India, but has confirmed to BringMeTheNews that staff there will not be affected by the eliminations announced Tuesday.
'Heartbreaking atmosphere' at headquarters
It has been an emotional day for everyone connected with Target's downtown Minneapolis headquarters, as thousands of people went to work not knowing whether they would have a job by the end of the day.
Many took to social media to express their fears, while the Twitter user below posted this picture of the scene inside the offices that suggested people would learn their fates Tuesday.
Others in Minnesota expressed their support for those being laid off, while some companies have already pledged to help those looking for work.