Kohl’s Corp. in a regulatory filing said that as of September 15 it took various actions to further align its cost base in response to the business impact resulting COVID-19.
As part of these actions, the company reduced corporate positions by approximately 15 percent. The company expects these actions will generate expense savings of approximately $65 million on an annualized basis. Pre-tax costs of approximately $23 million are expected to cover these actions, the majority of which will be recorded in the third quarter of 2020.
Together with the company’s February 2020 restructuring actions, Kohl’s expects expense savings generated from these actions of more than $100 million on an annualized basis.
Photo courtesy Kohl’s