MINNEAPOLIS -- Target Corporation announced Wednesday that the company is eliminating 475 positions worldwide.

A spokesperson for the nation's No. 2 retailer told KARE 11 that another 700 positions have gone unfilled over the past six months.

In a statement released Wednesday afternoon the company said, "We believe these decisions, while difficult, are the right actions as we continue to focus on transforming our business."

Target spokeswoman Molly Snyder said the cuts will affect a small percentage of the 11,000 employees at the retailer's headquarters in Minneapolis.

Snyder says "the majority of them employees will be on the payroll for at least 45 days and beyond that they will be given comprehensive severance packages based on their years of service."

The announcement comes as the company continues to deal with fallout after a security breach impacted millions of customers, though Snyder says the cuts are not in response to the breach.

"This is a company in crisis mode," said Akshay Rao, a professor of marketing with the University of Minnesota's Carlson School of Management. "You might as well get over all the bad news together, simultaneously, as opposed to having a drip, drip, drip, over many months."

The company also announced Tuesday that Target will stop providing health coverage to its part-time workers on April 1.