Target Corp. will undergo its first major restructuring in years, reducing its headquarters team by approximately 8% in an effort to reduce operational complexity and regain market share, according to a memo reviewed by the media.

The memo shows that Target will eliminate a total of 1,800 positions across various teams and levels, including 1,000 job cuts and the closure of 800 open positions.

Target has been struggling to recover from weak demand and inventory missteps, and has also been impacted by its abandonment of its diversity policy earlier this year.

Target shares rose less than 1% in after-hours trading in New York, having fallen more than 30% so far this year, lagging the S&P 500's 15% gain.

"Over time, the complexity we have created has been holding us back," Chief Operating Officer and incoming CEO Michael Fiddelke said in a memo to employees on Thursday (October 23). “Too many layers and overlapping responsibilities slowed down decision-making and made it harder to turn ideas into reality.”

He added that, while difficult, these changes were “necessary steps” to building the company’s future.