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Target Cuts 3,100 Jobs

Target’s promised layoffs are here. On Tuesday the retailer cut 1,700 employees and eliminated 1,400 vacancies at its Minneapolis headquarters in a bid to save $2 billion over the next two years.

Last week executives warned that “several thousand” job cuts were coming as the company reshuffles its operations.

According to an SEC filing, severance costs will total about $100 million, as each laid-off employee will receive 15 weeks of pay and additional severance based on years of service.

In addition, the company will provide career outplacement support and access to free executive education courses and pay the employer portion of their benefits coverage for the next six months.

Before the layoffs, Target employed 13,500 people in Minneapolis, making it one of the largest employers in Minnesota.

“While today’s news is difficult, it’s important to know that we will continue to make investments in our business and team — particularly in areas such as digital, personalization, data and analytics and engineering — to position Target for future success,” a Target spokeswoman Molly Snyder told Fortune in an e-mailed statement.

The news comes after January’s announcement that Target would shutter all 133 of its Canadian stores, laying off about 17,000 workers, less than two years after it first crossed the border.