[ashnat]

Target Corporation Announces Workforce Reduction01/27/09MINNEAPOLIS--(BUSINESS WIRE)--Jan. 27, 2009--Target (NYSE:TGT) today announced a workforce reduction at our headquarters locations which affects 9 percent of our headquarters population. This includes the elimination of approximately 600 employees and 400 open positions, primarily in the Twin Cities area. The majority of these changes are effective today. In addition, the company announced it will close its Little Rock, Ark. distribution center, which currently employs 500 people, later this year.
The company has recently undertaken other actions to manage expense and capital investment and minimize the number of affected employees. These actions include suspending salary increases for senior management, suspending share repurchase activity, tightening credit card underwriting and credit granting, implementing initiatives to improve store productivity, reducing planned new store openings, and cutting outside contractor support, travel, entertainment and other headquarters operating expenses.
"We are clearly operating in an unprecedented economic environment that requires us to make some extremely difficult decisions to ensure Target remains competitive over the long-term," said Gregg Steinhafel, President and CEO of Target Corporation.
In recent months, Target has experienced weaker-than-expected sales, which is pressuring earnings performance. Combined with the outlook for continued difficult economic conditions well into 2009, the company is taking a more conservative approach to business planning.
Headquarters employees affected by the announcement will continue to receive their full pay and benefits through April 1, after which they will receive a comprehensive separation package based on their years of service. As part of that package, Target also will provide these employees with 12 months of continued Target health care benefits in addition to 12 months COBRA benefit, and outplacement support to assist them in transitioning to their next position. Little Rock distribution center employees will be offered positions at other Target distribution centers, or will receive comparable severance.
As a result of these actions, the company expects to record a charge of approximately 3 cents per diluted share, the majority of which will occur in the company's 2008 fourth quarter. The company believes the annualized benefit resulting from these actions will exceed the charge.
Target Corporation's retail segment includes large general merchandise and food discount stores and Target.com, a fully integrated online business. In addition, the company operates a credit card segment that offers branded proprietary and Visa credit card products. The company currently operates 1,682 stores in 48 states, 34 distribution centers and employs approximately 350,000 people worldwide.

[2Adam29]

I appreciate the update, but why is this particularly relevant to Omaha?

[Filet Mignon]

Originally Posted by 2Adam29

I appreciate the update, but why is this particularly relevant to Omaha?

That was precisely my thought.

I wonder if this should have been in the Minneapolis sub-forum.

[billiefan2000]

the only target related news I want to hear

is something will finally be done with the old target store at saddle creek road

[ashnat]

Originally Posted by billiefan2000

the only target related news I want to hear

is something will finally be done with the old target store at saddle creek road

Someone has to buy it first, and I highly doubt anyone wants to build in that area. Many years ago I worked at that location. I'm sorry if you live in that neighborhood, but it is not safe, theft is too high to keep the stores profitable. I got a flat tire on my way home at 11:30 at night once and was freaked out by all the creepy's slowing down as they drove by me. I didn't get out of the car til AAA came, and I stayed away from the car while he was working on it. (AAA in CB raped a gal several years ago when called to help her with a flat).

And I put this hear because many are interested in who's laying off, who's filing bankruptcy, etc, and since there are SO many Target's in Omaha it may affect Omaha employees sooner or later. (who may be on this forum)

[2Adam29]

well, considering I work at Target, i guess this is well placed then. (by the way, I do live in that neighborhood, about 5-6 blocks from the old Target and have never felt unsafe my whole life in my neighborhood.

Everything I have heard puts either the Good Will or Salvation Army as new owners of the Target property for a new distribution center of some kind.

[ashnat]

Originally Posted by 2Adam29

well, considering I work at Target, i guess this is well placed then. (by the way, I do live in that neighborhood, about 5-6 blocks from the old Target and have never felt unsafe my whole life in my neighborhood.

Everything I have heard puts either the Good Will or Salvation Army as new owners of the Target property for a new distribution center of some kind.

That's the perfect location for that.

[Bosco55David]

Originally Posted by 2Adam29

well, considering I work at Target, i guess this is well placed then. (by the way, I do live in that neighborhood, about 5-6 blocks from the old Target and have never felt unsafe my whole life in my neighborhood.

Everything I have heard puts either the Good Will or Salvation Army as new owners of the Target property for a new distribution center of some kind.

+1

That is the Target we shopped at the whole time I lived in Omaha and I never really felt unsafe there.

[nmnita]

Originally Posted by ashnat

Someone has to buy it first, and I highly doubt anyone wants to build in that area. Many years ago I worked at that location. I'm sorry if you live in that neighborhood, but it is not safe, theft is too high to keep the stores profitable. I got a flat tire on my way home at 11:30 at night once and was freaked out by all the creepy's slowing down as they drove by me. I didn't get out of the car til AAA came, and I stayed away from the car while he was working on it. (AAA in CB raped a gal several years ago when called to help her with a flat).

And I put this hear because many are interested in who's laying off, who's filing bankruptcy, etc, and since there are SO many Target's in Omaha it may affect Omaha employees sooner or later. (who may be on this forum)

still not sure it belongs here, this could have been put on every website for every state as Targets are everywhere, even here in NWA, the home of WAl-Mart...

Bosco55David, how many years ago was that? Just out of curiosity...

Nita

[2Adam29]

well actually, I believe Omaha has the most Target stores per capita of any US city.