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Target to lay off 475 employees systemwide

MINNEAPOLIS (AP) - Target Corp. says it is laying off 475 employees across the company's operations.

The Minneapolis-based discount retailer also said Wednesday that over the past six months it has closed about 700 open positions across the entire chain.

A Target spokeswoman says the company continually assesses its operating model to ensure it is "well positioned to adapt to changing business needs.''

The move comes almost two weeks after Target lowered its fourth-quarter profit outlook as it grapples with the fallout of a massive security breach. Before the breach, Target has had uneven sales growth as it navigates a still difficult economic environment.