(AP) — Wisconsin-based retailer Kohl’s Corp. is closing all of its more than 1,100 stores nationwide in response to declining sales tied to the coronavirus pandemic.
Kohl’s said the stores will be closed at least until April 1.
The company planned to “support store associates with two calendar weeks of pay,” said Michelle Gass, Kohl’s chief executive officer in a news release.
Kohl’s also said late Thursday that it has fully drawn its $1 billion unsecured credit facility to bolster its cash and ”preserve its financial flexibility.”
The Menomonee Falls-based chain is withdrawing its fiscal full year and first-quarter guidance and slashing its inventory and expenses.
Kohl’s has stores in 49 states.
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