Target Corporation (NYSE:TGT) plans to cut around 1,800 corporate roles as the retailer looks to get back to growth, according to several media reports citing an internal memo sent on Thursday.

Job Cuts Amid ‘Complexity’

It marks the first major round of layoffs in a decade for the Minneapolis-based retailer. Incoming CEO Michael Fiddelke, in an internal memo to employees at its headquarters, said the company will be laying off roughly 1,000 global corporate employees and eliminating 800 open roles, according to a report by the Wall Street Journal.

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

The move ...