Kohl’s Cuts Corporate Staff To Cope With COVID-19 Pressures

In a filing with the United States Securities and Exchange Commission, Kohl’s stated that it has taken action to further align its cost base in response to the business impact of the COVID-19 pandemic, and so reduced corporate positions by approximately 15%.

Kohl’s noted that it expects the initiative to generate expense savings of $65 million on an annualized basis. The company added that it expects related pre-tax costs of $23 million to accrue from the move, the majority of which will be recorded in the 2020 third quarter.

Together with its February restructuring actions, Kohl’s noted that it expects to realize expense savings of more than $100 million a year.