Target planning to cut thousands of jobs

Target unveiled its “roadmap to transform business” Tuesday, outlining what CEO Brian Cornell called a “clear path to growth” over the next few years.

The company’s press release opens with some general information, followed by bullet points that explain how the retail chain will change its approach to online and mobile sales, add “locally relevant products,” look to develop more flexible types of stores, and more.

After that, more than halfway down in the release, comes this paragraph:

Cost savings of $2 billion over the next two years will fuel Target’s growth and drive profitability…The restructuring will be concentrated at Target’s headquarters locations and focus on driving leaner, more efficient capabilities, removing complexity and allowing the organization to move with greater speed and agility. This includes the establishment of centralized teams based on specialized expertise and the elimination of several thousand positions over the next two years.