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Suzanne Belperron, JAR Shine in Sotheby’s First Auctions at New HQSotheby’s held its first two jewelry sales at the Breuer building last week, and they totaled nearly $44 million.
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Kohl’s To Lay Off 250 Employees Amid Restructuring
The retailer is trimming its workforce as it works to bounce back from a rough holiday season.
Kohl’s Corp. will cut 250 jobs at the corporate level as part of its restructuring plan. (Image courtesy of Kohl’s)
Menomonee Falls, Wis.—Kohl’s Corp. is laying off 250 employees at the corporate level as part of a restructuring plan, the company said.
The workforce cuts will affect employees at the company headquarters in Menomonee Falls, Wisconsin, its offices in New York and California, and other regional store leadership roles and positions.
The retailer said it will offer a severance package and outplacement services to those affected.
Kohl’s did not provide information on how many employees it has total, but a Forbes estimate has the retailer’s headcount at 129,000 as of May 2019, meaning the layoffs impact less than 1 percent of its workforce.
“This reorganization in our business will empower decision-making, reduce management layers, streamline communications and drive greater efficiency in many areas of our business,” said Jen Johnson, Kohl’s senior vice president of communications, in a statement emailed to National Jeweler.
Johnson stressed that the retailer is “in a position of financial strength,” adding that no stores or corporate offices will be closed and that hiring is ongoing in other areas.
The organizational changes are expected to streamline the business as its works toward long-term sustainable growth, she added.
The retailer had a rough holiday season, with same-store sales in November and December on the decline as sales of women’s apparel slowed.
Kohl’s ranks No. 28 on National Jeweler’s 2019 “$100 Million Supersellers” list, with an estimated $268 million in watch and jewelry sales in 2018.
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