Kohl’s has announced that it will close 27 underperforming stores across the US next month, as part of its efforts to boost profits. The closures, which are expected to be completed by April, include locations in California, Illinois, and Texas.
The retail giant stated that these “underperforming” sites are just a small slice of its extensive network of over 1,150 locations. In contrast, Macy’s is also undergoing store closures, planning to shut down 66 outlets due to difficulties in attracting shoppers amid rising inflation.
Kohl’s CEO Tom Kingsbury said the company takes these decisions seriously and is working to support its associates during this transition. The company has informed all involved employees about the looming closings and is extending severance packages to them.
Leadership at Kohl’s will change hands to Ashley Buchanan, the former top executive at Michaels, starting this Wednesday. Kingsbury will remain on the board until his retirement in May as an advisor.
Kohl’s stock value has declined nearly 40% over the past six months due to struggles adapting to changing retail environments.
Source: https://www.the-express.com/lifestyle/shopping/160872/kohls-close-27-stores