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        <title><![CDATA[Kohl’s axes 15 percent of corporate jobs amid COVID-19 pandemic]]></title>
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            <media:title type="html">Kohl’s axes 15 percent of corporate jobs amid COVID-19 pandemic</media:title>
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        <content:encoded><![CDATA[<p>Kohl&#8217;s said it has slashed about 15 percent of its corporate jobs as it grapples with the impact of the coronavirus pandemic.</p><p>The Wisconsin-based retailer expects to save about $65 million a year as a result of the reductions <strong>disclosed</strong> Tuesday, which are part of a cost-cutting plan that aims to slash more than $100 million in annual expenses.</p><p>Kohl&#8217;s did not reveal how many workers were affected by the cuts. The company had about 37,000 full-time staffers and 87,000 part-time associates last year, according to its most recent <strong>annual report</strong>.</p><p>The COVID-19 pandemic forced Kohl&#8217;s to close all of its stores and furlough 85,000 store and distribution workers in March. The company said its net profits tumbled more than 80 percent year-over-year to $47 million in the quarter ending Aug. 1 even though its stores had reopened and most sidelined workers had returned by that date.</p><p>Kohl&#8217;s announced the job cuts amid a wave of retail bankruptcies sparked by the virus. Big-name chains including J.Crew, JCPenney, Neiman Marcus and Brooks Brothers have all filed for bankruptcy in recent months.</p><p>Kohl&#8217;s shares were up 0.2 percent in premarket trading Wednesday at $23.18 as of 8:21 a.m. following a 1 percent drop in the stock price Tuesday.</p>]]></content:encoded>
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