Item 7.01. Regulation FD Disclosure.

On September 15, 2020, Kohl's Corporation (the "Company") took various actions to further align its cost base in response to the business impact resulting from the COVID-19 pandemic.

As part of these actions, the Company reduced corporate positions by approximately 15%. The Company expects these actions will generate expense savings of approximately $65 million on an annualized basis. The Company expects pre-tax costs of approximately $23 million for these actions, the majority of which will be recorded in the third quarter of 2020.

Together with the Company's February 2020 restructuring actions, the Company expects expense savings generated from these actions of more than $100 million on an annualized basis.

Cautionary Statement Regarding Forward-Looking Information

This current report on Form 8-K may contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. The Company intends forward-looking terminology such as "believes," "expects," "may," "will," "should," "anticipates," "plans," or similar expressions to identify forward-looking statements. Such statements are subject to certain risks and uncertainties, which could cause the Company's actual results to differ materially from those anticipated by the forward-looking statements. These risks and uncertainties include, but are not limited to, risks described more fully in Item 1A in the Company's Annual Report on Form 10-K, and in Item 1A of Part II in the Company's Quarterly Report on Form 10-Q for the quarter ended May 2, 2020, which are expressly incorporated herein by reference, and other factors as may periodically be described in the Company's filings with the SEC. Forward-looking statements relate to the date initially made, and Kohl's undertakes no obligation to update them.

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