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Target thinks about another series of layoffs that could affect the thousands of people affected by the company around the world.
Those cuts will start this week, according to Bloombergand will add to the large mass layoff of 13% of workers laid off in November.
more cuts
CEO Target, Mark Zuckerbergindicated that the company will focus on reducing the company’s costs in 2023, which is called the “Year of Efficiency”.
According to this plan, Target it will focus on “cutting down projects that don’t work or are no longer critical” and also plans to “remove layers of middle management to make decisions faster.”
Target total sales in the fourth quarter of 2022 fell by 4%, while its expenses increased over this period to $25.8 billion. Social media ads are down, the iOS privacy update is still hitting the company, and TikTok’s competition continues to rise.
Last resource
Mark Zuckerberg He said he would “take responsibility” for the company’s previously announced cost-cutting plans, saying he was considering layoffs “as a last resort.”
“We are restructuring teams to improve our efficiency,” Zuckerberg said when Target announced layoffs. “But on their own, these measures won’t bring our spending in line with our income growth, which is why I also made the difficult decision to lay off people.”
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I am Ben Stock, a passionate and experienced digital journalist working in the news industry. At the Buna Times, I write articles covering technology developments and related topics. I strive to provide reliable information that my readers can trust. My research skills are top-notch, as well as my ability to craft engaging stories on timely topics with clarity and accuracy.