Kohl's to cut 15% of corporate workforce
Kohl's Corp. is eliminating corporate jobs to cut costs.
The retailer is slashing its corporate workforce by 15%, citing the ongoing business disruption caused by the COVID-19 pandemic. The company expects the move to generate approximately $65 million in annual expense savings, it said in a filing.
Kohl’s expects pre-tax costs of approximately $23 million for the job reductions, the majority of which will be recorded in the third quarter of 2020.
In February, Kohl’s announced it was eliminating around 250 positions as part of a restructuring to “empower decision-making, reduce management layers, streamline communications and drive greater efficiency in many areas of our business.” Kohl’s said the new job reductions, together with the February restructuring actions, will generate expense savings of more than $100 million on an annualized basis.