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Menomonee Falls, Wisconsin – Cole’s corporate cleanup has eliminated dozens of positions, primarily in merchandising and marketing.
Coles has reshuffled several leadership roles and positions, according to reports from Milwaukee news outlets.
In a statement obtained yesterday by the Milwaukee Journal Sentinel, Cole senior vice president Jen Johnson said:
The layoffs come as Coles wraps up its fiscal fourth quarter and works toward a permanent CEO appointment to replace Michelle Gass, who left the company in early December to join Levi Strauss. Interim CEO Thomas Kingsbury is likely to become Kohl’s next CEO, according to reports from the New York Times and elsewhere.
In the first nine months of the fiscal year ended October 29, 2022, Kohl’s net profit plummeted 60% and net sales fell 6.6%. In mid-November, Kohl’s withdrew its full-year guidance, citing recent sales declines.
Coles said at the time that core middle-income shoppers were buying fewer products per trip and were replacing them with value-oriented private labels.
The company plans to report fourth quarter and full year results in late February or early March.
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