Kohl’s
Department Stores (NYSE:KSS) today announced an agreement with the
Village of Menomonee Falls, Wis., in which Kohl’s will assume ownership
of approximately 100 acres of vacant land in the Woodland Prime office
park in Menomonee Falls. Kohl’s will also acquire a small office
building adjacent to the vacant land. This real estate will provide
Kohl’s the opportunity to develop office space that would serve as a
second corporate campus to support the company’s long-term business
growth. Over the last decade, Kohl’s has continued to experience growth
in sales and net income, as well as add jobs both nationally and locally
– including nearly 3,000 corporate positions in Menomonee Falls.
In exchange for the building and land, Menomonee Falls will assume
ownership of Kohl’s 530,000-square-foot former distribution center
located at N54 W13901 Woodale Drive in Menomonee Falls. The transaction
is expected to close this fall. For up to three years following the
closing of the property exchange, Kohl’s can elect to develop the vacant
land as incremental office space. Following the development
of a second campus, Kohl’s plans to continue operating its current
headquarters at N56 W17000 Ridgewood Drive and credit service center
located at N54 W13600 Woodale Drive in Menomonee Falls.
“We have been proud to call Wisconsin home for the last 50 years and are
pleased to be renewing our commitment to the state and to our
communities, customers and associates by selecting this location in the
place where it all started for us,” said Kevin Mansell, Kohl’s chairman,
president and chief executive officer. “While it was always our
preference to remain in Wisconsin, Kohl’s took the needed time to study
all of our options, including an assessment of developing a campus
outside of the state of Wisconsin. Our goal has been to find the
location that best positions us to remain an employer of choice, retain
and attract the best talent and to satisfy our responsibilities to our
shareholders and associates. The Woodland Prime site accomplishes that
goal and gives us the room we need to satisfy our business needs for
decades to come. Throughout the process, we have found officials at all
levels of government, both at the state and local levels, to be strong
partners in business development and thank them for their enthusiasm and
support. I am confident the great quality of life, talented workforce
and extraordinary business partners here in Southeast Wisconsin will
allow us to continue delivering great things to Kohl’s shoppers well
into the future. We look forward to sharing our plans as they are
finalized.”
Pursuant to an agreement between Kohl’s and the Wisconsin Economic
Development Corporation (WEDC), WEDC will create an Enterprise Zone to
provide up to $62.5 million in tax credits from the state of Wisconsin
over 12 years to support Kohl’s growth. The actual amount of the tax
credits received by Kohl’s over the 12- year period will be completely
dependent upon the number of newly created jobs and the amount of Kohl’s
capital expenditure. WEDC can designate Enterprise Zone Tax Credits for
a project based on factors including the extent the project will
increase employment in the state and contribute to the economic growth
of the state and other factors.
“Strengthening Kohl’s headquarters is good news for Wisconsin,” said
Governor Scott Walker. “Not only is this a significant number of jobs,
but it also signals that Wisconsin’s economic climate is improving.”
Upon Kohl’s election to begin construction, the Village of Menomonee
Falls will provide the necessary road improvements and up to $12
million, payable over several years, from the incremental tax revenue to
be generated by the Kohl’s development.
Kohl’s Cares® – Community and Environmental
Commitment
Since 2000, Kohl’s and Kohl’s Cares®, the company’s
philanthropic program, have combined to give $44.3 million to support
charitable initiatives in the metro Milwaukee area, including $9.4
million in 2011.
The company supports local communities through its Kohl’s Cares programs
which strive to make communities happier, healthier, greener places to
live and work. These programs include:
Kohl’s Cares® – Kids Health and Education
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Cause
Merchandise Program: Throughout the year, Kohl’s sells
kid-friendly cause merchandise, with 100 percent of the net profit
donated to support children’s health and education initiatives in
communities nationwide. Since 2000, more than $208 million has been
raised nationwide through the Kohl's Cares® cause merchandise program.
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Hospital
Partners: Since 2000, Kohl’s has donated $149 million to more than
160 hospital partners nationwide, including more than $8.6 million
in Wisconsin.
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Scholarship
Program: Since 2001, Kohl’s has recognized more than 15,000 kids
with over $3 million in scholarships and prizes through the Kohl’s
Cares Scholarship Program. Since 2001, more than 380 students in metro
Milwaukee have received store, regional or national awards, totaling
more than $65,000.
Kohl’s Cares® Associates in Action – Kohl’s associates are making
a difference in the lives of children by volunteering for youth-serving
nonprofit organizations and environmental initiatives. Since 2001, more
than 500,000 associates have donated more than 1.6 million hours of
their time. As a result, Kohl’s has donated more than $47 million to
nonprofits nationwide, including $2.7 million in metro Milwaukee.
Fundraising Gift Card program – Since 2000, more than 12,500
organizations have participated in the Kohl’s Cares Fundraising Gift
Card program, raising more than $35 million in fundraising dollars,
including more than $2.6 million to support initiatives in
metro Milwaukee.
Kohl’s Cares® Supporting Women’s Health – Kohl’s is committed to
the fight against breast cancer. In 2010, the Kohl’s Cares philanthropic
program announced a $7 million donation over three years to the American
Cancer Society’s Midwest division and the Southeast Wisconsin affiliate
of Susan G. Komen for the Cure. In addition, Kohl’s sells special Kohl’s
Cares merchandise in all Wisconsin Kohl’s stores and online at
Kohls.com, where 100 percent of net profits support the fight against
breast cancer.
Kohl’s Cares® Advancing Environmental Solutions – Kohl’s
is committed to protecting and conserving the environment and being a
leading environmentally responsible retailer through initiatives that
include use and support of green power and environmentally responsible
building design, construction and operation. Kohl’s has more than 120
solar locations nationwide and more than 700 ENERGY STAR-labeled stores
nationwide, including three solar locations and 34 ENERGY-STAR-labeled
locations in Wisconsin. In addition, 11 Wisconsin Kohl’s locations,
including the company’s Milwaukee photo studio, have earned Leadership
in Energy and Environmental Design (LEED) certification from the U.S.
Green Building Council.
Additional information about Kohl’s Department Stores is available at www.kohlscorporation.com.
About Kohl’s Department Stores
Based in Menomonee Falls, Wis., Kohl's (NYSE: KSS) is a family-focused,
value-oriented specialty department store offering moderately priced,
exclusive and national brand apparel, shoes, accessories, beauty and
home products in an exciting shopping environment. With a commitment to
environmental leadership, Kohl's operates 1,134 stores in 49 states. In
support of the communities it serves, Kohl's has raised more than $208
million for children's initiatives nationwide through its Kohl's Cares®
cause merchandise program, which operates under Kohl's Cares, LLC, a
wholly-owned subsidiary of Kohl's Department Stores, Inc. For a list of
store locations and information, or for the added convenience of
shopping online, visit www.Kohls.com,
or join the discussion on Facebook http://www.facebook.com/kohls
or Twitter http://twitter.com/Kohls.
Cautionary Statement Regarding Forward-Looking
Information
This press release contains “forward-looking statements” within the
meaning of the Private Securities Litigation Reform Act of 1995,
including guidance on the Company’s targeted earnings. Kohl's 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 Kohl's actual results
to differ materially from those anticipated by the forward-looking
statements. These risks and uncertainties include, but are not limited
to, those described in Item 1A in Kohl’s Annual Report on Form 10-K,
which is expressly incorporated herein by reference, and other factors
as may periodically be described in Kohl's filings with the SEC.
