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."
"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."
|BBBY||BED BATH & BEYOND, INC.||14.31||+0.02||+0.14%|
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."
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.