Kohl’s is cutting its corporate workforce by 10%, the struggling Wisconsin-based company said.
The retailer told FOX Business on Wednesday that closures of open positions will account for “more than half of the total reduction.” Some current employees who work at Kohl’s corporate offices are also losing their jobs, Kohl’s said.
The reduction, earlier reported by The Wall Street Journal and Reuters, is meant to “support Kohl’s ongoing actions to increase efficiencies and improve profitability for the long-term health and benefit of the business,” the company said.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| KSS | KOHL’S CORP. | 13.17 | -0.41 | -2.98% |
Kohl’s has already informed employees affected by the workforce reduction. They received “competitive severance packages to help support their transition,” the retailer told FOX Business.
The company has also been making changes to its real estate footprint in recent weeks.
Twenty-seven “underperforming” Kohl’s stores across 15 states are slated to permanently close their doors by April, Kohl’s previously announced Jan. 9. Its San Bernardino e-commerce fulfillment center in California is also expected to shutter the following month.
Those closures, like the corporate workforce reduction, seek to “increase efficiencies and improve profitability” for Kohl’s over the long-term, the company said.
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