Kohl’s is closing 27 locations. See if your store is on the list
CNN
Kohl’s is closing 27 stores across more than a dozen states as the struggling retailer looks to improve profitability.
Kohl’s is closing 27 stores across more than a dozen states as the struggling retailer looks to improve profitability. The closures, to be completed by April, are a small fraction of the chain’s 1,150 stores and were listed as “underperforming,” according to a press release. Kohl’s said it “continues to believe in the health and strength of its profitable store base.” It’s one of the last decisions made by outgoing CEO Tom Kingsbury, who is stepping down Wednesday and being replaced next week by Ashley Buchanan, the chief executive of arts and crafts chain Michaels. Kingsbury will stay on as an advisor to Buchanan and on the company’s board until his retirement in May. “We always take these decisions very seriously,” Kingsbury said in the release. “As we continue to build on our long-term growth strategy, it is important that we also take difficult but necessary actions to support the health and future of our business for our customers and our teams.” Like many department stores in recent years, Kohl’s has spent the last few years in turmoil and has struggled to recover from shifting consumer behavior. And it doesn’t anticipate that it had a robust holiday shopping season, with the retailer recently forecasting a larger drop in sales than previously expected. Kohl’s (KSS) stock have fallen nearly 40% over the past six months. In 2022, the company was engaged in a messy battle with activist investors who tried to push Kohl’s to spin off its online business, sell its real estate or take the company private. The retailer also dropped exploring a sale in 2022.
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Kohl’s is closing 27 stores across more than a dozen states as the struggling retailer looks to improve profitability.
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