Business

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

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

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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.

About the author

Steve Murphy

Steve Murphy

Steve Murphy has handled various businesses throughout his career and has a deep domain knowledge. He founded Report Door in an attempt to bring the latest news to its readers. He is glued to the stock market most of the times and just loves being in touch with the developments in the business world.

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