Target slashing thousands of jobs, plans to open more stores

Target is announcing plans to slash thousands of jobs.

The layoffs are part of a cost-cutting move to save the retail giant $2 billion dollars. Most of the affected jobs are from the company's Minneapolis headquarters which has 13,000 workers.

At the same time, Target plans to invest billions of dollars this year to streamline operations. It also plans to open more small stores and create a product mix that will appeal to a broader and younger demographic.

A spokeswoman tells CNN Money that more details about exactly how may positions will be impacted by the cuts will be announced soon.

Target employs 366,000 people worldwide.