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‘COVID pressures’ mean 15% reduction in company workforce at Kohl’s

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Jen Johnson, Kohl’s The senior vice president of communications announced Tuesday, September 15, a 15% reduction in the company’s workforce “due to the continued pressures of the COVID-19 pandemic on the company”.

Johnson posted this statement to FOX6 News:

“Over the past few months, Kohl’s has taken several decisive steps to weather the COVID-19 crisis. Our decisions have prioritized the health and safety of our customers and associates, and the preservation of the company’s financial position. Today, as a result of the continued pressures of the COVID-19 pandemic on the business, the company has taken the difficult but necessary step of reducing our corporate workforce by approximately 15%.

“We have given this decision a lot of thought and have offered competitive severance and re-employment services to help all affected associates in their transition to their next step. We sincerely thank these associates for their contributions and years of service at Kohl’s.

“Kohl’s continues to maintain a strong balance sheet and cash position to weather the crisis and will continue to exercise financial discipline through diligent expense and inventory management.” Through prudent management, disciplined investments in key areas, and intelligent long-term strategic planning, we are well positioned to capitalize on changing customer behaviors and the disruption in the retail industry. The organizational changes we have made and the focus on our strategic business priorities will continue to support our long-term success.

“Over the past few months, Kohl’s has taken several decisive steps to weather the COVID-19 crisis. Our decisions have prioritized the health and safety of our customers and associates, and the preservation of the company’s financial position. Today, as a result of the continued pressures of the COVID-19 pandemic on the business, the company has taken the difficult but necessary step of reducing our corporate workforce by approximately 15%. We have given this decision a lot of thought and have offered competitive severance and outplacement services to help all affected associates in their transition to their next step. We sincerely thank these associates for their contributions and years of service at Kohl’s. Kohl’s continues to maintain a strong balance sheet and cash position to help weather the crisis, and continue to exercise financial discipline through diligent expense and inventory management. Through prudent management and disciplined investments in and intelligent long-term strategic planning, we are well positioned to take advantage of changing customer behaviors and the disruption in the retail industry. The organizational changes we have made and the focus on our strategic business priorities will continue to support our long-term success. “

Kohl’s stores were closed across the country as of March 19 “due to the escalation of the COVID-19 pandemic.” The national shutdown was extended “until further notice” on March 30.

Stores in more than a dozen states were reopened in early May as part of a phased approach.

In mid-May, Kohl’s reported a 43.5% drop in net sales in the first quarter and a 40.6% drop in total revenue – down more than $ 1.5 billion from to 2019. The company also reported net income loss of $ 541 million for the quarter and adjusted net income of $ 495 million.

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