UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 7.01. Regulation FD Disclosure.
On September 15, 2020, Kohl's Corporation (the “Company”) took various actions to further align its cost base in response to the business impact resulting from the COVID-19 pandemic.
As part of these actions, the Company reduced corporate positions by approximately 15%. The Company expects these actions will generate expense savings of approximately $65 million on an annualized basis. The Company expects pre-tax costs of approximately $23 million for these actions, the majority of which will be recorded in the third quarter of 2020.
Together with the Company’s February 2020 restructuring actions, the Company expects expense savings generated from these actions of more than $100 million on an annualized basis.
Cautionary Statement Regarding Forward-Looking Information
This current report on Form 8-K may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. The Company intends forward-looking terminology such as “believes,” “expects,” “may,” “will,” “should,” “anticipates,” “plans,” or similar expressions to identify forward-looking statements. Such statements are subject to certain risks and uncertainties, which could cause the Company's actual results to differ materially from those anticipated by the forward-looking statements. These risks and uncertainties include, but are not limited to, risks described more fully in Item 1A in the Company's Annual Report on Form 10-K, and in Item 1A of Part II in the Company's Quarterly Report on Form 10-Q for the quarter ended May 2, 2020, which are expressly incorporated herein by reference, and other factors as may periodically be described in the Company's filings with the SEC. Forward-looking statements relate to the date initially made, and Kohl’s undertakes no obligation to update them.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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Dated: September 15, 2020 |
KOHL'S CORPORATION |
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By: |
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/s/ Jason J. Kelroy |
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Jason J. Kelroy |
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Senior Executive Vice President, |
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General Counsel and Corporate Secretary |
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Document and Entity Information |
Sep. 15, 2020 |
|---|---|
| Cover [Abstract] | |
| Document Type | 8-K |
| Amendment Flag | false |
| Document Period End Date | Sep. 15, 2020 |
| Entity Registrant Name | KOHL’S CORP |
| Entity Central Index Key | 0000885639 |
| Entity Emerging Growth Company | false |
| Entity File Number | 001-11084 |
| Entity Incorporation State Country Code | WI |
| Entity Tax Identification Number | 39-1630919 |
| Entity Address, Address Line One | N56 W17000 Ridgewood Drive |
| Entity Address, City or Town | Menomonee Falls |
| Entity Address, State or Province | WI |
| Entity Address, Postal Zip Code | 53051 |
| City Area Code | 262 |
| Local Phone Number | 703-7000 |
| Written Communications | false |
| Soliciting Material | false |
| Pre Commencement Tender Offer | false |
| Pre Commencement Issuer Tender Offer | false |
| Security 12b Title | Common Stock, $.01 par value |
| Trading Symbol | KSS |
| Security Exchange Name | NYSE |
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