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00:02Target is cutting about 1,000 corporate jobs and eliminating 800 open roles,
00:06counting for 8% of its global headquarters staff, according to Fox Business.
00:10Padelki, who will become the CEO in February,
00:12is streamlining Target's corporate structure by removing management layers
00:15to create a faster, more innovative organization.
00:19Roughly 80% of the job cuts are in the U.S., mainly in Minneapolis,
00:22in leadership roles where executives were three times more likely to be laid off than other employees.
00:27Padelki said there was structuring aims to simplify operations
00:30and accelerate decision-making to strengthen Target's retail leadership,
00:34enhance customer experience, and expand technology use.
00:37Target reported $25.2 billion in quarterly sales,
00:41down 0.9% year-over-year, as in-store sales fell 3%,
00:44and operating income dropped 19.4% to $1.3 billion.
00:48For all things money, visit Benzinga.com.
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