World News

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

(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)