Kohl’s, a struggling department store chain, is closing 27 underperforming stores in the US by April. The company stated that these locations were “underperforming” and would offer severance pay or job opportunities at other locations to affected employees.
The retail giant operates over 1,150 stores across the country but has seen a significant decline in sales. In its latest quarterly report, Kohl’s reported a 9% decrease in net sales compared to the same period last year, with net income down by $37 million from the previous year.
Kohl’s is not alone in its store closures; many other retailers have been shrinking their physical footprints in recent years. For example, Macy’s announced the closure of 66 stores as part of its turnaround strategy. In fact, over 7,100 stores shut down in the US by the end of November last year, representing a 69% increase from the same period the previous year.
The list of closing Kohl’s locations includes stores in Alabama, Arkansas, California, Colorado, Georgia, Idaho, Illinois, Massachusetts, New Jersey, Ohio, Oregon, Pennsylvania, Texas, and Utah.
Source: https://www.cbsnews.com/news/kohls-store-closures-list