Target layoffs, on the record
Every job cut, severance charge and restructuring Target reported in its annual reports, 2023 to 2026, quoted from the filings. Headcount went from approximately 440,000 to approximately 415,000.
Headcount, as reported
| Annual report | Employees | As of |
|---|---|---|
| 10-K for 2023 | approximately 440,000 | January 28, 2023 |
| 10-K for 2024 | approximately 415,000 | February 3, 2024 |
| 10-K for 2025 | approximately 440,000 | February 1, 2025 |
| 10-K for 2026 | approximately 415,000 | January 31, 2026 |
Job cuts, severance and restructuring
Our summaryTarget recognized costs and charges for workforce reductions, facility exits, and ending a commercial partnership as part of its business transformation.
Word for word“For example, in 2025, we recognized costs and charges related to reductions in our workforce, facility exits, and the termination of a commercial partnership.” 10-K for 2026
Our summaryTarget announced a multi-year business transformation initiative covering its organizational structure, processes, and technology.
Word for word“Business Transformation Costs In May 2025, we announced a multi-year initiative to transform various aspects of our business—including our organizational structure, processes, and technology—to enable greater agility and optimize the use of the Company's assets.” 10-K for 2026
Our summaryTarget recorded severance and related costs, mainly for a headquarters workforce reduction, and most had been paid by year end.
Word for word“• Severance and Related Costs — During 2025, we recognized $ 129 million of severance and related costs within SG&A, primarily related to our headquarters workforce reduction.” 10-K for 2026
Our summaryTarget recorded lease termination costs for vacant office space, plus impairment and other charges tied to ending a commercial partnership and other contracts.
Word for word“• Asset-Related Charges and Other Costs — During 2025, we recognized $ 57 million of lease termination costs associated with vacant office space, and $ 64 million of impairment charges and other costs associated with the termination of a commercial partnership and certain other contract terminations within SG&A.” 10-K for 2026
| Fiscal year ended | Severance costs | Restructuring charges |
|---|---|---|
| 2017-01-28 | — | $0 |
| 2018-02-03 | — | $0 |
| 2026-01-31 | $129 million | — |
Target has filed no restructuring notice (Form 8-K, Item 2.05) since 2016. Companies file one only for a cut they judge material, so many announced layoffs never appear as one. This page shows what the company reported to the SEC, not news reports or state layoff notices.
Read from Target’s annual reports (10-K for 2026, 10-K for 2025, 10-K for 2024, 10-K for 2023) and the financial data it files with the SEC, as of 2026-03-11. Every quotation is word for word from the filing linked beside it; how these pages are built and checked. The full record is in its company data sheet.