What are people hearing about an upcoming announcement planned for late October?
17 replies (most recent on top)
Full distribution realignment, moving .com exclusively to stores. Adjusting headcount’s as needed, many will be offered positions, albeit lower roles, but still jobs. This is how they can avoid warn notices, by calling it reorganization and position elimination. It’s not a layoff if you still have the option of a job, even one you don’t want. Think back to what happened in distribution 2013/2014 - full teams were eliminated under the guise of restructuring. There is so much waste in distribution, it’s disgusting. It’s about time they look at some of those headcount’s.
Are there any Corp areas or specific L6 roles that will be targeted? Does previous performance make any difference on who's laid off? @1t9
Just look through LinkedIn posts from former or soon-to-be former Target peeps. Leaving after decades at TGT with no role lined up, not retiring, and actively looking for the next opportunity. Quiet layoffs in small batches (teams, reorgs), encouraged departures (with cake?), and elimination of open roles will likely meet a large chunk of the RIF target by the 28th. My guess is that PE action will happen later in the year if 1) stock price remains low/favorable, and 2) expenses are falling in line with margin erosion (i.e. scaling back payroll at HQ and DCs). Sets up the company as a decent acquisition target where a PE could come in on the lower end, make changes to boost up stock, and maybe take it private. All guesses....I know nothing.
@1vd 60 days garden leave qualifies as being warned. That’s when the clock starts ticking.
@1vb yes but below poster talked about 10% reduction. That’s a riff like back in 2014 (?) that isn’t a silent layoff if it’s happening and would legally require warn
@1s8 is the severance going to be the same or different than it presently is?
@1tr Target doesn’t do WARN notices. I’ve only ever seen WARN notices for store closures. That’s not to say there haven’t been layoffs, they’ve just structured the layoffs in a way that reporting wasn’t mandated. These are called silent layoffs.
Here’s what will likely happen: they’ll give affected employees garden leave (60 days to get your affairs in order) then layoff on that 60th day. This satisfies the WARN requirement of 60 days notice.
@1t9 won’t that require a MN Warn notice?
@1s8 October 28th is the announcement date I’m hearing. 10-15% of HQ, so 2000-2500 people including TII. Mostly redundant roles as identified by Accenture and L6 leaders will be hit.
Layoffs seem inevitable with the lower margins and corporate bloat. Hearing as many as 10-15% downsizing with very minimal severance packages over next 12-18 months.
@1j2 for what exactly? Private Equity take over or layoffs or both??
Week of October 20th
@ek if that's true, wonder if that includes same day delivery. Being expected to pay a tip on top of a subscription is just silly.
@ek Interesting. Not super surprising, though. I wonder how that will affect GSCL as a whole? Will we need fewer DCs? Also, will they actually give stores the hours they need to do this?
They are announcing distribution realignment with greater focus on online sales fulfillment moving exclusively to stores.
What are you hearing specifically? I've heard that something is coming, but no actual information.
@OP Halloween, is what i heard.