Overview
- The company is eliminating 1,000 positions through layoffs and permanently removing 800 open roles, totaling about 8% of its global workforce.
- Notices are being delivered Tuesday to corporate employees, with most affected roles concentrated at the Minneapolis headquarters.
- Store and supply-chain positions are not included, and impacted staff will receive pay and benefits through Jan. 3, 2026 along with severance and support services.
- Fiddelke told employees that overlapping layers have hindered speed and that the overhaul is intended to streamline operations.
- The cuts follow months of pressure on results, including a 1.9% drop in second-quarter comparable sales, a 21% decline in net income, softer store and digital traffic, and a steep slide in the share price.