Target announced it will be making $ 2billion in cuts and slashing 'several thousand ' jobs over the next two years . The announcement came during an investors meeting today in New York City . The US retail chain , which is based in Minneapolis , Minnesota , said the cost-cutting measures 'will fuel Target 's growth and drive profitability ' . Target , which is based in Minneapolis , Minnesota , announced it will cut $ 2billion over the next two years . The discount chain 's cost-cutting measures will result in 'several thousand ' jobs being eliminated . Board chairman and chief executive Brian Cornell , who joined the company last August , detailed how the restructuring program will 'transform the retailer 's business ' . He said : 'Following a thorough , strategic review of our business , coupled with a careful evaluation of the changing retail landscape , we have identified the key initiatives that will put Target on a clear path to growth . 'We 're focused on our future and building the capabilities that will take us further , faster . 'Redefining Target will require a renewed emphasis on prioritization and innovation , and above all else , putting our guests first in everything we do . ' Target has 1,795 stores across the United States . The discount retailer employs about 350,000 people globally , according to the Star Tribune . About 13,500 employees work at its headquarters operations in the Twin Cities . Board chairman and CEO Brian Cornell detailed how the restructuring will 'transform the retailer 's business ' The chain has been struggling after millions of customers had their data stolen in a 2013 hacking attack and the company made an unsuccessful foray into Canada . Cornell 's plan has $ 500million in cuts targeted for this year . It also includes a $ 1billion investment in technology and the supply chain . Part of the plan also involves exiting Canada . In January Target announced its Canadian subsidiary , which had filed for bankruptcy protection , would close all of its 133 stores , resulting in the loss of 17,600 jobs . At the time , Cornell said the company had not been able to find a way to make Target Canada profitable until at least 2021 . Target projected its 2015 sales growth at two or three per cent . It also estimated earnings of $ 4.45-4.65 per stock share which exceeds analysts ' expectations of $ 4.50 at best . Target shares closed 0.4 per cent higher at $ 78.00 after the announcement .
Minneapolis-based retail chain restructuring to save $ 2billion in two years . The company made the announcement during its investors meeting today . New CEO Brian Cornell is hoping to 'transform the retailer 's business ' Discount chain has nearly 1,800 stores across US and operates Target.com .