Katie O'Brien
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Katie O'Brien in Senior Content Editor,

​Target CEO to Investors: The Company ‘Lost its Balance’

Target (NYSE: TGT) will be cutting thousands of jobs, according to Yahoo Finance. CEO Brian Cornell said the company “lost its balance” after the recession and the job cuts are a way for the company to get back on its feet. He also maintained the cuts will primarily be for higher-ranking positions.

"While we’re in the early days and there’s no doubt that transformation can be challenging, we’re taking the steps necessary to unleash the potential of this incredible brand," Cornell said. "I'm encouraged by our early momentum, and am confident that by implementing our strategy, simplifying how we work, and practicing financial discipline, we will ignite Target’s innovative spirit and deliver sustained growth."

Yahoo Finance commenter LS says:

“Most of the posters here are missing the gist of the story, choosing instead to focus on real or imagined poor service episodes they've had at a Target store. This has nothing to do with the people delivering services at the store. This is ostensibly about the failure of the head shed to run the business. What it really is about is the PepsiCo guy wrecking an already reeling company in the interest of short term stock bumps, huge bonuses for the truly guilty parties, and probably setting the stage for an eventual deal with Wal-Mart. Companies who lay off workers to draw attention from their real problems never prosper. After a few quarters the investors discover they've been snowed. By that time the car is usually already in the ditch.”

Yahoo Finance commenter Sheila says:

“Target is doing what the rest of these business is doing. Watch after they lay off the American citizen works you are going to begin to see all illegal aliens in their stores. I suggest when that happens American need to start boycotting these business. The Popeye down the street from me all black and white works, every since these Obama executive order now they are all illegal aliens and so is the subway down the street. These business is laying off Americans to hire these illegal aliens. The American people need to start doing something about these people. Start grouping together and start boycotting these places. Do not buy from these stores that have all these illegals. Because after while all of these store will be illegal aliens. The power is in the American citizens. If these stores is not making no monies they will think twice and stop hiring all these illegals. American citizens I suggest you WAKE UP!”