Kohl’s to lay off 250 workers as part of restructuring

Business

Shoppers enter a Kohl’s store in Peoria, Illinois.

Daniel Acker | Bloomberg | Getty Images

Kohl’s is laying off 250 people as it restructures parts of its business following a dismal holiday season.

The changes will help Kohl’s streamline communications and eliminate the overlap of management positions, Kohl’s senior vice president of communications, Jen Johnson, said in an emailed statement.

As part of the job cuts, Kohl’s is getting rid of a layer of regional store leadership roles and restructuring teams in its merchant organization.

Kohl’s will offer the affected employees severance packages and outplacement services, according to Johnson.

The retailer is not closing any offices or stores, she said.

Kohl’s same-store sales declined 0.2% during November and December, missing estimates and leading the retailer to temper its expectations for the full year. The company said its women’s business struggled and it would be working “with speed” to fix it.

Peers Macy’s and J.C. Penney also struggled through the holidays. Macy’s last week announced it plans to close 125 stores over the next three years, as it cuts 2,000 corporate jobs in its own restructuring.

Kohl’s shares closed Wednesday up about 2%. The stock has fallen more than 31% over the past 12 months. Kohl’s has a market value of about $7.1 billion.

Kohl’s is set to report fourth-quarter and full-year earnings on March 3. It will hold an investor day on March 16.

The Milwaukee Journal Sentinel first reported on this news.

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