Target plans $2 billion in cost cuts

Target Corp. plans $2 billion in cost cuts over the next two years through corporate restructuring and other improvements.

The goal: to make the Minneapolis-based discounter more agile to compete in an increasingly competitive landscape.

As part of the restructuring plans, the Minneapolis-based company plans to eliminate several thousand positions over two years and establish centralized teams based on specialized expertise.

Target also plans to invest between $2 billion and $2.2 billion in capital expenditures, including a $1 billion investment in technology and supply chain.

The moves unveiled Tuesday are being spearheaded by CEO Brian Cornell, who took over last August and who is charged with reclaiming the retailer’s image as a purveyor of cheap chic fashions.