• Linkdin
Maximize your media exposure with Fibre2Fashion's single PR package  |   Know More

US department store chain Kohl's cuts 15% corporate jobs

18 Sep '20
1 min read
Pic: Kohl
Pic: Kohl's

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.

Fibre2Fashion News Desk (DS)

Leave your Comments

Esteemed Clients

Woolmark Services India Pvt. Ltd.
Weitmann & Konrad GmbH & Co. KG
VNU Exhibitions Asia
USTER
UBM China (Shanghai)
Tuyap Tum Fuarcilik Yapim A.S.
TÜYAP IHTISAS FUARLARI A.S.
Tradewind International Servicing
Thermore (Far East) Ltd.
The LYCRA Company Singapore  Pte. Ltd
Thai Trade Center
Thai Acrylic Fibre Company Limited
X
Advanced Search