Kohl’s cuts 15% of corporate jobs

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Kohl’s Corp. said in a government filing that it has cut 15% of corporate positions, part of a restructuring that the department store retailer is undertaking as a result of the impact of COVID-19. The company will take a $23 million pre-tax charge as a result. Kohl’s expects an annualized cost savings of $65 million after the headcount reduction. Along with other restructuring measures, the company expects total annualized cost savings of $100 million. Kohl’s stock has tumbled nearly 55% for the year to date while the S&P 500 index has gained 5.7% for the period.
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