Target Grapples With Security Breach Fallout
MINNEAPOLIS (AP) - The Target Corp. hasn't said publicly where the loss of nearly 500 jobs will fall.
The giant retailer, based in Minneapolis, says it's terminating 475 employees worldwide. And over the last six months, Target says it has eliminated 700 open positions. Target has about 10,000 corporate employees in downtown Minneapolis.
The move comes almost two weeks after Target lowered its fourth-quarter profit outlook as it grapples with the fallout of a massive security breach. The company was planning on big holiday sales, but instead was victimized by the data breach that hurt its image and stock prices and sent shoppers elsewhere.
Target also says it will no longer be offering health care coverage for its part-time workers. The company cites new options now available through health care exchanges under the Affordable Care Act.