Kohl’s Department Stores Announces Plans to Support Long-Term Business Growth in Wisconsin
Kohls partners with state and local officials to assume ownership of Menomonee Falls real estate for potential headquarters space
MENOMONEE FALLS, Wis.--(BUSINESS WIRE)-- Kohls Department Stores (NYSE:KSS) today announced an agreement with the Village of Menomonee Falls, Wis., in which Kohls will assume ownership of approximately 100 acres of vacant land in the Woodland Prime office park in Menomonee Falls. Kohls will also acquire a small office building adjacent to the vacant land. This real estate will provide Kohls the opportunity to develop office space that would serve as a second corporate campus to support the companys long-term business growth. Over the last decade, Kohls 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 Kohls 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, Kohls can elect to develop the vacant land as incremental office space. Following the development of a second campus, Kohls 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, Kohls chairman, president and chief executive officer. While it was always our preference to remain in Wisconsin, Kohls 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 Kohls shoppers well into the future. We look forward to sharing our plans as they are finalized.
Pursuant to an agreement between Kohls 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 Kohls growth. The actual amount of the tax credits received by Kohls over the 12- year period will be completely dependent upon the number of newly created jobs and the amount of Kohls 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 Kohls headquarters is good news for Wisconsin, said Governor Scott Walker. Not only is this a significant number of jobs, but it also signals that Wisconsins economic climate is improving.
Upon Kohls 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 Kohls development.
Kohls Cares® Community and Environmental Commitment
Since 2000, Kohls and Kohls Cares®, the companys 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 Kohls Cares programs which strive to make communities happier, healthier, greener places to live and work. These programs include:
Kohls Cares® Kids Health and Education
- Cause Merchandise Program: Throughout the year, Kohls sells kid-friendly cause merchandise, with 100 percent of the net profit donated to support childrens 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.
- Hospital Partners: Since 2000, Kohls has donated $149 million to more than 160 hospital partners nationwide, including more than $8.6 million in Wisconsin.
- Scholarship Program: Since 2001, Kohls has recognized more than 15,000 kids with over $3 million in scholarships and prizes through the Kohls Cares Scholarship Program. Since 2001, more than 380 students in metro Milwaukee have received store, regional or national awards, totaling more than $65,000.
Kohls Cares® Associates in Action Kohls 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, Kohls 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 Kohls 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.
Kohls Cares® Supporting Womens Health Kohls is committed to the fight against breast cancer. In 2010, the Kohls Cares philanthropic program announced a $7 million donation over three years to the American Cancer Societys Midwest division and the Southeast Wisconsin affiliate of Susan G. Komen for the Cure. In addition, Kohls sells special Kohls Cares merchandise in all Wisconsin Kohls stores and online at Kohls.com, where 100 percent of net profits support the fight against breast cancer.
Kohls Cares® Advancing Environmental Solutions Kohls 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. Kohls 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 Kohls locations, including the companys Milwaukee photo studio, have earned Leadership in Energy and Environmental Design (LEED) certification from the U.S. Green Building Council.
Additional information about Kohls Department Stores is available at www.kohlscorporation.com.
About Kohls Department Stores
Based in Menomonee Falls, Wis., Kohl's (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 Companys 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 Kohls 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.
Vicki Shamion, 262-703-1464 or email@example.com
Wisconsin Economic Development Corporation
Tom Thieding, 608-210-6767 or firstname.lastname@example.org
Office of Gov. Scott Walker
Cullen Werwie, 608-267-7303
Source: Kohl'sCopyright Business Wire 2012