As of February 1, the company had about 440,000 employees.
The company's restructuring follows 11 consecutive quarters of weak or declining comparable sales, according to the report.
Target maintained its annual forecasts in the previous quarter owing to weak demand in its largely discretionary segments such as apparel and electronics items.
Around 80% of the corporate job cuts will affect U.S.-based employees, the WSJ report added.
Target did not immediately respond to a Reuters request for comment.
