Kohl’s is closing 27 stores across the United States as it struggles to profit.
The closures will be completed by April and are a small fraction of the chain’s 1,150 stores.
CEO Tom Kingsbury stated, “We always take these decisions very seriously.”
“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,” Kingsbury added.
Here’s what CNN reported:
Kohl’s is closing 27 stores across more than a dozen states as the struggling retailer looks to improve profitability.
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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.
Kohl’s closures come on the heels of Macy’s announcing similar news last week. Macy’s targeted 66 locations to shut down in the coming weeks as it also struggles attracting shoppers amid inflationary pressure.
Here’s the full list per Today:
Alabama:
Spanish Fort — 21000 Town Center Ave.
ArkansasLittle Rock West — 13909 Chenal Pkwy.
California:
Balboa (San Diego) — 5505 Balboa Ave.
Encinitas — 134 N El Camino Real
Fremont — 43782 Christy St.
Mountain View — 350 Showers Dr.
Napa — 1116 1st St.
Pleasanton — 4525 Rosewood Dr.
Point West (Sacramento) — 1896 Arden Way
San Rafael — 5010 Northgate Dr.
San Luis Obispo — 205 Madonna Rd.
Westchester — 8739 S Sepulveda Blvd.
Colorado:
Arapahoe Crossing (Aurora) — 6584 S Parker Rd.
Georgia:
Duluth — 2050 W Liddell Rd.
Idaho
Boise — 400 N Milwaukee St.
Illinois:
Plainfield — 11860 S Route 59
Spring Hill (West Dundee) — 3000 Spring Hill Ring Rd.
Massachusetts:
Stoughton — 501 Technology Center Dr.
New Jersey:
East Windsor — 72 Princeton Hightstown Rd.
Ohio:
Blue Ash — 4150 Hunt Rd.
Forest Park (Cincinnati) — 100 Cincinnati Mills Dr.
Oregon:
Portland Gateway — 10010 NE Halsey St.
Pennsylvania:
Pottstown — 351 W Schuylkill Rd.
Texas:
North Dallas — 18224 Preston Rd.
Utah:
Riverton — 13319 S 3600 W Ste 13LOT
Virginia:
Herndon — 2100 Centreville Rd.
Williamsburg — 100 Gristmill Plz
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