Kohl’s, a department store chain, plans to close 27 stores across over a dozen states by April as it seeks to improve profitability. The closures are considered “underperforming” and account for a small fraction of the company’s total 1,150 stores.
The decision comes after outgoing CEO Tom Kingsbury steps down on Wednesday, with Ashley Buchanan taking over as the new chief executive. Kingsbury will remain an advisor to Buchanan until his retirement in May.
Kohl’s has faced significant challenges in recent years, including struggling consumer behavior and a decline in sales. The company recently forecasted a larger drop in holiday shopping season sales than initially expected. This follows a tumultuous period for Kohl’s, which was engaged in a battle with activist investors in 2022 to spin off its online business or sell its real estate.
The planned store closures are similar to those of rival department store Macy’s, which announced the closure of 66 locations in recent weeks due to inflationary pressure. The closures are set to affect Alabama, Arkansas, California, Colorado, Georgia, Idaho, Illinois, Massachusetts, New Jersey, Ohio, Oregon, Pennsylvania, Texas, Utah, Virginia.
Kohl’s has not provided a detailed list of store closures, but the affected stores can be found at the bottom of this article.
Source: https://edition.cnn.com/2025/01/13/business/kohls-store-closures-list/index.html