A sign for a Target store is seen in the Chicago suburb of Evanston, Illinois on Feb. 10, 2015.
Jim Young—Reuters
By Jack Linshi
March 3, 2015

Target announced on Tuesday that it plans to cut “several thousand” jobs over the next two years as part of the retail giant’s restructuring and $2 billion savings plan.

The Minneapolis-based company, which employs 350,000 people globally and has roughly 1,800 box stores, said in a statement it will eliminate the positions while creating “centralized teams based on specialized expertise.”

“The restructuring will be concentrated at Target’s headquarters locations and focus on driving leaner, more efficient capabilities, removing the complexity and allowing the organization to move with greater speed and agility,” the statement continued.

The savings are intended to drive sales and earnings growth as the company recovers from the 2007-08 financial crisis and a major data breach in late 2013, while investing heavily in technology to improve its e-commerce offerings.

Contact us at editors@time.com.

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