Tomahawk, WI 01/23/2014 (BasicsMedia) – Target Corporation (NYSE:TGT) has announced that it intends to sack close to 475 vacancies. At the same time, the company announced that the more than 700 vacancies it had published would not be filled. What makes this announcement interesting is the fact that the laying off will not only affect its operations in Minnesota, but also its worldwide businesses. All employees working for TGT, and whose positions have been eliminated, were informed this past Wednesday about the new developments, and will be required to vacate the stations immediately.

Target Corporation Fires Workers as Part of Necessary Adjustments

The decision taken by TGT is designed to help the company make adjustments, which are necessary in order to thrive in an ever-changing business environment. The company seeks to improve its investments in fields it considers vital to its survival. Moreover, with the latest developments, TGT seeks to give itself the best chance of thriving as it moves forward into what the future holds. Instead of waiting to see how things will turn out, Target Corporation wishes to take the initiative by putting the measures that will make it successful in place early enough.

The other important step that Target Corporation has taken is to terminate the health coverage it had taken for its part-time employees. As from April 1, 2014 the company will give $500 to each of its part-time employees to enable them take health coverage with online sources. The company hopes that this move will also help it to free up some significant sums of money that will be reinvested back into developing its core business. It is worth noting that the new developments come after close to a month when the company has suffered from bad press.

Target Corporation’s Infamous and Costly Data Breach

The poor publicity that TGT has suffered for close to a month, emanated from the breach in data that messed with close to 40 million credit card accounts. That was the initial figure, but recently, the company said that the breach in data led to the theft of more than 118 million personal data. Some of the information that thieves stolen or customers lost due to the breach included names of account holders, their addresses, as well as phone numbers and email contacts. The company says it’s lay offs are unrelated to the recent theft or loss of data.

The company recently released its fourth quarter of 2013 financial results, where it announced that its sales fell by two percent. The loss in revenue could have been due to the loss of data, which made customers unable to trust TGT’s systems and security features. In order to attract back its customers, the company has said it will provide free credit monitoring services to its clients, and that these will run for a year. In the meantime, Target Corporation says that its sacked employees will be on its payroll for 45 days, and be entitled to severance package.

Although there is no correlation between TGT’s decision to lay off some workers across all its global operations, and the data breach, it faces one of its most trying moments. Its CEO, Greg Steinhafel, says this will enable the company to come back better than it has ever been; hence, no reason for investors to worry about anything.

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