Almost 1000 jobs will go from Geelong as retail giant Target confirms the relocation of its headquarters from the city to Melbourne.

The operations centre in Geelong employs 900 people, down significantly after the company axed more than 240 jobs in 2013 soon after the arrival of new managing director Stuart Machin.

It is yet another blow to the region following the recent exits of Ford and Alcoa and ends a 90-year association between Target and Geelong.

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While the unemployment rate in Geelong is similar to the national average of about 6 per cent, it is closer to 20 per cent in the adjoining suburbs of Corio and Norlane.

Geelong Mayor Darryn Lyons said he was “deeply disappointed and disheartened” by the news.

“Target has been part of the fabric and tradition of Geelong since 1925, when founder George Lindsay opened his first store here,” Lyons said in a statement.

“I understand this is a business decision, but that does not make it any easier for our region.”

The news comes hard on the heels of a company scandal which has seen four executives resign or be sacked over an investigation that found Target’s half-year earnings were artificially boosted by $21 million.

– with ABC