Kohl's Cuts 15% of Corporate Positions; Sees Annual Savings of $65 Million

Reuters  |

Image source: Tkefan29 / CC BY-SA 4.0

(Reuters) - Kohl's Corp said on Tuesday it has cut about 15% of its corporate jobs as the department store operator looks to save cash at a time when the COVID-19 has hammered demand for its products.

The company said the job cuts would likely save it about $65 million in annual expenses, and were part of its broader plan to reduce costs by more than $100 million.

The layoffs at Kohl’s come at a time of high unemployment in the United States. Nearly 900,000 Americans filed for weekly jobless benefits, according to the last reported figures from the Labor Department, suggesting the labor market recovery from the pandemic was stalling.

Reporting by Uday Sampath in Bengaluru; Editing by Arun Koyyur, Aditya Soni.

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Source: Reuters

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