Target announced today that it is cutting as much as 260 jobs as part of the company's restructuring efforts.

In a statement released by the company, the most affected by the reduction will be the jobs mainly at Geelong, including those in its support centre and the other regional support offices.

A new organisational structure is now being finalised to help revitalise the company's operational efficiency, the statement added.

This announcement by Target is the latest in a string of major employment losses in the region. Earlier, Ford also announced its plan to shut down its manufacturing business in Australia by 2016. This decision is equivalent to more than a thousand job losses, including 510 at Geelong and 650 at Broadmeadows.

Also, around 450 employees at the Shell Refinery are facing possible displacement with news of the company's plan to sell in 2014.

In a statement released by Target Managing Director Stuart Machin, he said that the reorganisation was necessary to put the company in a viable growth path. He said the company is experiencing difficult times, and regrets that they have to give up some of their valuable team members.

"With our sales and profit under-performance over the past 12 months, we have needed to act in order to get our costs under control and the right store support structure in place," Mr. Machin said.

Mr Machin assured those who will leave the company that they will be awarded their full entitlements. He added that other forms of support, like career-change assistance, will be given to them. Whenever possible, Target will also look into redeployment opportunities for displaced employees.

Meanwhile, the Australian Services Union expressed support for those affected by the job cuts. ASU Private Sector Secretary Ingrid Stitt said she would ensure that affected workers are protected and that Target fully complies with the redundancy requirements under the collective bargaining agreement.

The union has also called on the state government to create a scheme that would create employment opportunities in regional centres such as Geelong.

"The highly skilled staff losing their jobs today from Target deserve nothing less," Ms Stitt said.