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

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Via Reuters Finance

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

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