Kohl's profits took a huge hit after the coronavirus pandemic forced the department store retailer to close stores and furlough 85,000 employees. Now, Kohl's has announced a round of layoffs that will affect 15% of its corporate jobs. The retailer did not provide an exact figure for the number of jobs it was eliminating, but the reductions in its workforce are expected to save it around $65 million a year. Kohl's has a goal to cut $100 million worth of annual costs.
Kohl’s announced the job cuts amid a wave of retail bankruptcies sparked by the virus.