Discount chain has nearly 1,800 stores across US and operates Target.com

CEO Brian Cornell is hoping to 'transform the retailer's business'

The company made the announcement during its

Target announced it will be making $2billion in cuts and slashing 'several thousand' jobs over the next two years.

The announcement came during an investors meeting today in New York City.

The US retail chain, which is based in Minneapolis, Minnesota, said the cost-cutting measures 'will fuel Target's growth and drive profitability'.

Target, which is based in Minneapolis, Minnesota, announced it will cut $2billion over the next two years

The discount chain's cost-cutting measures will result in 'several thousand' jobs being eliminated

Board chairman and chief executive Brian Cornell, who joined the company last August, detailed how the restructuring program will 'transform the retailer's business'.

He said: 'Following a thorough, strategic review of our business, coupled with a careful evaluation of the changing retail landscape, we have identified the key initiatives that will put Target on a clear path to growth.

'We're focused on our future and building the capabilities that will take us further, faster.

'Redefining Target will require a renewed emphasis on prioritization and innovation, and above all else, putting our guests first in everything we do.'

Target has 1,795 stores across the United States.

The discount retailer employs about 350,000 people globally, according to the Star Tribune.

About 13,500 employees work at its headquarters operations in the Twin Cities.

Board chairman and CEO Brian Cornell detailed how the restructuring will 'transform the retailer's business'

The chain has been struggling after millions of customers had their data stolen in a 2013 hacking attack and the company made an unsuccessful foray into Canada.

Cornell's plan has $500million in cuts targeted for this year.

It also includes a $1billion investment in technology and the supply chain.

Part of the plan also involves exiting Canada.

In January Target announced its Canadian subsidiary, which had filed for bankruptcy protection, would close all of its 133 stores, resulting in the loss of 17,600 jobs.

At the time, Cornell said the company had not been able to find a way to make Target Canada profitable until at least 2021.

Target projected its 2015 sales growth at two or three per cent.

It also estimated earnings of $4.45-4.65 per stock share which exceeds analysts' expectations of $4.50 at best.