Kohl’s department store chain has joined Macy’s in announcing plans to close underperforming stores this year. The two retailers will shut down nearly 100 locations in total, with Kohl’s closing 27 stores in 15 states.
The closures are expected to be completed by April, while a larger e-commerce fulfillment center in San Bernardino, California, will be shuttered in May when the company’s lease expires.
Kohl’s has struggled in recent years, reporting financial losses and turnover of its CEOs. The retailer expects cumulative pre-tax charges of $60 million to $80 million related to the store closures, including $30 million of noncash charges in real estate and other asset-related costs.
The stores set to close are scattered across the US, with locations in states such as Alabama, Arkansas, California, Colorado, Georgia, Idaho, Illinois, Massachusetts, New Jersey, Ohio, Oregon, Pennsylvania, Texas, Utah, Virginia, and Wisconsin.
Kohl’s has informed affected employees about the closures and offered them a severance package or the opportunity to apply for open jobs at the chain.
Source: https://www.costar.com/article/323635253/kohls-plans-27-store-closings-adding-to-national-list-in-new-year