Opel to cut 8,300 jobs in Europe

General Motors Co.’s Opel unit will cut 8,300 jobs across Europe, including 4,000 in Germany, and close a plant in Antwerp, Belgium – casualties of the “tough reality” of a shrinking European auto market.

Opel head Nick Reilly said Thursday that the Antwerp plant had to go, with the loss of 2,606 jobs, because the company needs to shed 20 percent of its manufacturing capacity. That’s because far fewer cars are being sold as a result of the recession.

He said Antwerp would be the only Opel plant in Europe to shut down but warned that none of the company’s German factories would escape “substantial” job cuts.

Target, the nation’s second-largest discounter after Wal-Mart, is navigating turbulent economic times by polishing old stores rather than opening many new ones, opening smaller urban stores and looking outside the U.S. for growth.

The new store format will begin rolling out in April and feature spruced-up home furnishing offerings, larger grocery sections, better video-game displays and shelf lighting in the beauty section.

Company officials told investors at Target Corp.’s analyst meeting in a webcast Thursday in Philadelphia that it’s changing every part of its stores to increase sales and profit and grab market share from rivals.

They said they will spend $1 billion renovating 340 U.S. stores while opening fewer than 10 new ones in 2010.

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