March 30, 2020 / 6:51 PM / 2 months ago

Kohl's extends store closure, draws down $1 billion credit facility amid coronavirus outbreak

FILE PHOTO: The sign outside a Kohl's store is seen in Broomfield, Colorado February 27, 2014. REUTERS/Rick Wilking

(Reuters) - Kohl’s Corp (KSS.N) said on Monday it would extend the duration of store closure, and fully draw down on its $1 billion revolving credit facility to control damages from the coronavirus pandemic.

The department store operator also said it would cut spending by about $500 million, and that Chief Executive Officer Michelle Gass would not take a salary as it manages through the crisis.

Reporting by Ayanti Bera in Bengaluru; Editing by Shinjini Ganguli

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below