Kohl’s to cut 15% of office jobs due to virus-related slump
NEW YORK — Kohl’s said Tuesday that it will cut 15% of its office staff to save money as sales continue to be hard-hit by the pandemic.
The company declined to say how many people will lose their jobs. The layoffs will be at its headquarters in Menomonee Falls, Wisconsin, as well as offices in New York and Milpitas, California.
According to a filing with the U.S. Securities and Exchange Commission on the company’s website, Kohl’s expects to save about $65 million a year with the reorganization.
“The Company expects pre-tax costs of approximately $23 million for these actions, the majority of which will be recorded in the third quarter of 2020,” the document said.
Other major retailers like Levi’s and Victoria’s Secret owner L Brands have also recently announced job cuts for corporate staff.
COPYRIGHT 2020 BY CHANNEL 3000. THE ASSOCIATED PRESS CONTRIBUTED TO THIS REPORT. ALL RIGHTS RESERVED. THIS MATERIAL MAY NOT BE PUBLISHED, BROADCAST, REWRITTEN OR REDISTRIBUTED.