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Kohl's Restructuring puts jobs of 250 workers at stake

Kohl's Restructuring puts jobs of 250 workers at stake

America’s retail chain Kohl’s is restructuring its business operations in a way to lay off around 250 people at different levels, including leadership roles. The retailer stated that the layoffs are a part of reorganization while operating “from a position of financial strength”.  

 

This update follows the bleak holiday season whereas the official communication by Kohl's Senior Vice President of Communications, Jen Johnson, justifies the downsizing measures as an attempt to streamline communication and eliminate the overlapping management positions. Taking the responsibility of its actions, Kohl’s has declared to offer severance packages and outplacement services to the affected employees, says Johnson. She denied the closure of any retail stores or offices.

 

The America’s department store retail chain has a market value of about $7.1 billion. The stocks witnessed a steep fall of more than 31% in the last one year. However, the shares closed up by about 2% on Wednesday, February 12, 2020. Kohl's will share its fourth-quarter report and annual earnings on March 3, 2020. Further, it will also have an investor day on March 16, 2020.

 

The sales drop during this holiday season was also sensed by Peers Macy's and J.C. Penney. Macy's has c to close down 125 stores over the next three years and reduce around 2,000 corporate jobs as part of business restructuring.

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