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 per year.
Together with its February 2020 restructuring actions, the company expects to save more than $100 million 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.
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