15 Percent of Kohl's corporate jobs cut
16 Sep 2020
Kohl's Corp. (KSS) disclosed in a regulatory filing on Tuesday that it reduced corporate jobs by about 15 percent, as it looks to save cash due to the business impact resulting from the COVID-19 pandemic.
According to reports, the department store operator cut jobs at its headquarters in Menomonee Falls, Wisconsin, as well as offices in New York and Milpitas, California.
The retailer expects pre-tax costs of about 23 million for the restructuring actions, the majority of which will be recorded in the third quarter of 2020.
The company expects the job cuts will save it about 65 million dollars per year.
Together with its February 2020 restructuring actions, the company expects to save more than 100 million dollars per year, the retailer said in a statement.
Kohl's said in February that it would lay off 250 jobs. The lay offs included an entire "layer" of regional store leadership positions and restructuring teams in its merchant organization.(DPA)