US: Kohl's acquires land in Wisconsin to expand HQ
US department store chain Kohl's will assume ownership of an area of vacant land in Menomonee Falls, Wisconsin to build its second corporate headquarters, a move which it said will create almost 3,000 jobs.
The retailer, which is expected to receive up to US$62.5m in tax credits from Wisconsin state over 12 years, will acquire around 100 acres of land in the Woodland Prime office park, as well as a small office next to it.
The amount of the tax credits Kohl's will receive will depend on the number of newly created jobs and Kohl’s capital expenditure.
In exchange, Menomonee Falls will acquire Kohl's 530,000 sq ft former distribution centre in Menomonee Falls.
The transaction is expected to close this autumn, Kohl's said today (19 July).
The company plans to continue operating its current headquarters at Ridgewood Drive and credit service centre at Woodale Drive in Menomonee Falls.
Kevin Mansell, Kohl's chairman, president and CEO, said: "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."
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