Target spending $58,000 in severance for each laid-off employee
Losing a job is never easy, but the 1,700 Target corporate employees laid off yesterday aren't going home empty handed.
In a March 10 SEC filing signed by Executive Vice President and Chief Financial Officer John Mulligan, Target discloses severance costs of approximately $100 million connected with yesterday's Minneapolis staff cuts.
More -- Target stock reaches all-time high amid layoffs
Those costs "will be accrued as a pre-tax charge in Target's first quarter ending May 2, 2015," the filing adds.
Do the math and it amounts to an average of $58,824 per employee.
That robust figure might explain why local executive search consultant Kurt Rakos applauded the way Target handled the unfortunate process of laying off employees during a Fox 9 interview, even if that's cold comfort for displaced workers.