Target said on Thursday it’s cutting 1,800 corporate jobs as the retailer tries to get back to growth after four years of roughly stagnant sales.

It marks the first major round of layoffs in a decade for the Minneapolis-based retailer. It announced the layoffs in a memo sent by Target’s incoming CEO Michael Fiddelke to employees at its headquarters.

The eliminated roles are a combination of about 1,000 employee layoffs and about 800 positions that will no longer be filled, a company spokesman said. Together, they represent an approximately 8% cut to Target’s corporate workforce, according to the memo. Affected employees will be notified Tuesday.

The retailer announced the cuts as it nears a leadership change.

Target in August named Fiddelke, currently its chief operating officer and formerly chief financial officer, as the successor to longtime leader Brian Cornell. He takes the helm February 1.

Fiddelke has also overseen the Enterprise Acceleration Office, an effort announced in May, which looked for ways to simplify company operations, use technology in new ways and speed up Target’s growth. 

Target has been fighting a sales slump, as it tries to rebound from declining store traffic, inventory troubles and customer backlash. The company has said it expects annual sales to decline this year.

Its shares have fallen by 65% since their all-time high in late 2021.

Compared to retail competitors, Target draws less of its overall sales from groceries and other necessities, which can make its business more vulnerable to the ups and downs of the economy and consumer sentiment. About half of Target’s sales come from discretionary items, compared to only 40% at Walmart, according to estimates from GlobalData Retail.

As a result of that and other company-specific challenges, Target’s sales trends and stock performance have diverged sharply from competitors. Shares of Walmart are up about 123% in the past five years, compared to Target’s decline of 41% during the same time period.

In a memo sent Thursday to employees at Target’s headquarters, Fiddelke said the employee cuts will help Target make urgent changes.

“The truth is, the complexity we’ve created over time has been holding us back,” he said in the memo. “Too many layers and overlapping work have slowed decisions, making it harder to bring ideas to life.”

He said the cuts are difficult, but “a necessary step in building the future of Target and enabling the progress and growth we all want to see.”   

Target employees affected by the layoffs will receive pay and benefits until January 3, in addition to severance packages, according to a company spokesman. No roles in stores or in Target’s supply chain were impacted by the cuts, the company spokesman said.

Read the full memo from Fiddelke:

New Delhi: If you’ve made an error or missed out on some details while filing your Income Tax Return (ITR) for Assessment Year 2025-26, there’s no need to panic. The Income Tax Department gives you a second chance through the updated return option, allowing you to revise or correct your ITR even after submission — and the best part is, you have up to 48 months from the end of the financial year to do so.

Till when can you file an updated ITR for Assessment Year 2025-26?

For Assessment Year 2025-26, taxpayers have time till March 31, 2030, to file an updated return. This extended window encourages voluntary compliance by giving individuals enough time to review and correct any mistakes in their ITR filings.

Understanding the Updated Return

An updated return is a special type of Income Tax Return (ITR) that allows taxpayers extra time to correct or update their earlier filings. It’s a move by the Income Tax Department to promote voluntary compliance, giving individuals the chance to fix any mistakes or add missed information even after the original deadline.

Anyone can file an updated return—whether or not they have already filed an original, belated, or revised return for that assessment year—except in a few specific cases.

While filing an updated return, taxpayers need to provide certain details such as:

– Basic information like PAN, name, and Aadhaar.

– Details of the earlier return, if any—such as the section, ITR form, acknowledgement number, and filing date.

– Confirmation of eligibility to file an updated return.

– The ITR form chosen for the updated return.

– The reason for filing the updated return.

When You’re Not Allowed to File an Updated Return

While the updated return offers flexibility, there are certain situations where you cannot file one. For instance, if your total income results in a loss or if filing it would reduce your tax liability compared to your earlier return, you won’t be eligible to submit an updated return.

It’s also important to note that an updated return can be filed only once for a particular assessment year — it cannot be revised later.

Additionally, you cannot file an updated return for the assessment year in which a search or survey has been conducted under Section 132, or for any year before that assessment year.