US department store chain Kohl's cuts 15% corporate jobs
US department store retail chain Kohl’s Corp. recently announced mass layoffs as the COVID-19 pandemic continues to batter the retail sector across the United States. In a filing with the Securities and Exchange Commission, it said it has cut about 15 per cent of its corporate jobs to preserve liquidity and align its cost base in response to the health crisis.
The reduction is expected to save it roughly $65 million in annual expenses, say US media reports.
Kohl’s said it is likely to record pre-tax costs of approximately $23 million, the majority of which will be logged in the third quarter of the 2020 fiscal.
Seven months ago, the company had said it was eliminating 250 jobs, as well as announced changes to other positions in its corporate offices, as part of its restructuring efforts. Altogether, the terminations will likely grant it expense savings of more than $100 million on an annualised basis.