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Target slashing thousands of jobs

MINNEAPOLIS (WISH/CNN) – Target is planning layoffs amid a broader restructuring, the company announced Tuesday.

“Several thousand” jobs will be cut as part of the restructuring, which aims to save the company about $2 billion. Many of the job cuts will be at the company’s headquarters in Minneapolis.

The layoffs will happen over a two-year period.

The announcement comes after a strong holiday season, where Target saw a 3 percent rise in sales over the previous holiday season. However, the early part of 2014 saw lower profits for Target.

Target also recently went through a massive data breach, though it’s unclear if Tuesday’s announcement is at all connected.