Target (TGT) announced the elimination of 1,800 corporate positions, the retailer's first major workforce reduction in a decade. Target is cutting roughly 8% of its headquarters staff as incoming CEO Michael Fiddelke attempts to reverse four years of stagnant sales.
Valued at a market cap of $43 billion, TGT stock is down 65% from all-time highs, underperforming peers such as Walmart (WMT) and Costco (COST). In the last 10 years, Target stock has returned 73% to shareholders after adjusting for dividend reinvestments. In this period, Walmart and Costco have returned 564% and 620%, respectively.
