Target is laying off 1,000 corporate employees and cutting 800 open roles. The layoffs affect 8% of Target's global headquarters team, aiming to simplify workflows. "The truth is, the complexity we've created over time has been holding us back," Michael Fiddelke said.

Target Corp. is eliminating about 8% of corporate roles in its first major restructuring in years, according to a memo viewed by Bloomberg News, a move to cut costs and reduce complexity.

Target has reported flat or declining comparable sales — those from established physical stores and online channels — in nine out of the past 11 quarters.