Target to Eliminate 1,800 Roles, 8% of Headquarters Team (2)

Target Corp. is eliminating about 8% of corporate roles in its first major restructuring in years, according to a memo viewed by Bloomberg News, as the retailer seeks to reduce complexity and regain its footing.

The company is cutting 1,800 roles across various teams and seniority levels, according to the memo. The move will include 1,000 layoffs and close out 800 open roles.

Target has been struggling to get out of a rut caused by soft demand and inventory missteps. It also faced a backlash after it stepped away from diversity policies earlier this year.

Target shares rose less ...