Retailer Target Corp. said Tuesday that it would lay off about 1,700 employees and close 1,400 open positions as part of a plan to "transform" its business.
The Minneapolis-based company expects to pay about $100 million in severance costs, according to an SEC filing. Most of cuts will be at the company's headquarters, which had about 13,000 employees.
"While today's news is difficult, it's important to know that we will continue to make investments in our business and team -- particularly in areas such as digital, personalization, data and analytics, and engineering -- to position Target for future success," company spokeswoman Molly Snyder said in a statement.
She said each individual will receive more than 15 weeks of pay, in addition to severance based on their years of service.
Tuesday's announcement puts a number on the thousands of layoffs predicted last week as part of a $2-billion cost-cutting plan Target said would take place over the next two years. The plan also involves corporate restructuring and other improvements.
The changes are intended to make the company more competitive.
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