Target Corp. laid off 475 employees Wednesday and said it will not fill 700 open positions as the company struggles with stubbornly sluggish sales and fallout from the massive computer security breach that short-circuited its crucial holiday period.

The retailer described the cuts as “worldwide.” It didn’t say how many were at its headquarters in downtown Minneapolis, but sources told the Star Tribune that the majority of the layoffs were there.

“The economy is simply not growing that fast, and retail’s moves are highly correlated to the economy,” said George John, associate dean at the University of Minnesota’s Carlson School of Management. “All these retailers face very challenging business times.”

Target is by far the largest employer downtown and a key driver of its vitality. The company has 11,000 people at its flagship offices on Nicollet Mall and a total of 14,000 corporate employees in Minnesota.

The retailer declined to make an executive available for questions or say whether more layoffs are in the works. The company also wouldn’t say how many of the 700 open positions were based in the Twin Cities.

The layoffs are Target’s largest since January 2009, when the nation’s second-largest retailer said it would cut 1,100 positions from its headquarters.

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