Kohl's eliminates 250 positions
Despite a re-org, Kohl's says it is financially strong
Amid the tough retail environment department store chain Kohl's is re-organizing, which will result in the loss of 250 jobs.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| KSS | KOHL'S CORP. | 14.99 | +0.25 | +1.70% |
WEAK HOLIDAY SALES AT KOHL'S, J.C. PENNEY SPELL FURTHER TROUBLE FOR TRADITIONAL RETAILERS
In a statement to FOX Business a spokesperson provided the following details:
"This reorganization in our business will empower decision-making, reduce management layers, streamline communications and drive greater efficiency in many areas of our business. This includes the difficult but necessary decision to eliminate approximately 250 positions. The departures include removing a layer of regional store leadership roles and positions, restructuring teams in our merchant organization, and changes to other positions in our corporate offices."
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Although shares of Kohl's have dropped 33 percent over the past 52 weeks, the company said it remains strong.
"It is important to note that Kohl’s is in a position of financial strength," it said. "We are not closing any stores or corporate offices and we are continuing to hire in key areas. The company is also continuing to invest in many areas of the business including our stores, technology and strategic growth initiatives."
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| BBBY | NO DATA AVAILABLE | - | - | - |
| JCP | NO DATA AVAILABLE | - | - | - |
| M | MACY'S INC. | 16.24 | +0.28 | +1.75% |
BED BATH & BEYOND CEO: WE'RE EXPERIENCING SHORT-TERM PAIN
Kohl's along with J.C. Penney reported disappointing holiday sales last month, and on Wednesday Bed Bath & Beyond did the same as new CEO Mark Tritton said the company was "experiencing short-term pain."
MACY'S CLOSING OVER 200 STORES
As the retail environment becomes more competitive, stores are being forced to pivot strategies or close locations. In the past several weeks Macy's and Pier 1 became the latest retailers to announce store closings.