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Minneapolis-based Target, the nation’s second largest discount retailer, has announced it will cut 1,000 jobs in Minneapolis alone.

Those cuts include 400 open but unfilled positions, in addition to 600 layoffs.

The retailer is the largest employer in downtown Minneapolis and will have about 10,000 employees downtown after the cuts. Top management will forgo pay increases in 2009.

The recession has painted a bull’s-eye on Target. The chain hasn’t posted a same-store sales increase since June.

It will pay the terminated employees their salaries until April 1, 2009, and will continue providing health insurance benefits for 12 months. In addition, it offered severance packages based on how long employees have been with the company.

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