Some big news from Target (TGT) after the closing bell on Tuesday. The big box retailer is planning $2 billion in cost cutting moves to bolster its online business and boost sales. That means cutting several thousand jobs over the next two years, concentrated at its headquarters. The company says it will focus on corporate restructuring, and investing in technology as it spends more on digital initiatives. The retailer says it wants to be more flexible, so it can keep up with the competition. Target CEO Brian Cornell says he believes the cost cutting initiatives will free up resources for investments in other focus areas. TheStreet’s Kurumi Fukushima reports in New York.
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