Kohl’s axes 15 percent of corporate jobs amid COVID-19 pandemic

Kohl’s said it has slashed about 15 percent of its corporate jobs as it grapples with the impact of the coronavirus pandemic.

The Wisconsin-based retailer expects to save about $65 million a year as a result of the reductions disclosed Tuesday, which are part of a cost-cutting plan that aims to slash more than $100 million in annual expenses.

Kohl’s did not reveal how many workers were affected by the cuts. The company had about 37,000 full-time staffers and 87,000 part-time associates last year, according to its most recent annual report.

The COVID-19 pandemic forced Kohl’s to close all of its stores and furlough 85,000 store and distribution workers in March. The company said its net profits tumbled more than 80 percent year-over-year to $47 million in the quarter ending Aug. 1 even though its stores had reopened and most sidelined workers had returned by that date.

Kohl’s announced the job cuts amid a wave of retail bankruptcies sparked by the virus. Big-name chains including J.Crew, JCPenney, Neiman Marcus and Brooks Brothers have all filed for bankruptcy in recent months.

Kohl’s shares were up 0.2 percent in premarket trading Wednesday at $23.18 as of 8:21 a.m. following a 1 percent drop in the stock price Tuesday.

Thomas MilesThomas Miles

Thomas Miles

The founder of our blog, Thomas, is also the writer for the General News, US News and Business News column of KYR News. He is a wonderful leader, under whom the blog has reached new heights of journalistic success. Each story published is thoroughly edited for any margin of error by him, and only then published.
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