new York
CNN
—
Kohl’s is closing 27 stores in more than a dozen states as the struggling retailer seeks to improve its profitability.
The closures, which are to be completed by April, represent only a small fraction of the chain’s 1,150 stores and have been classified 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 latest decisions made by outgoing CEO Tom Kingsbury, who is stepping down on Wednesday and is replaced next week by Ashley Buchanan, chief executive of the arts and crafts chain Michaels. Kingsbury will remain an advisor to Buchanan and a member of the company’s board of directors 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 steps 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 changing consumer behavior. And it doesn’t anticipate having a strong holiday shopping season, with the retailer recently forecasting a larger-than-expected drop in sales. Kohl’s (KSS) shares have fallen nearly 40% over the past six months.
By 2022, the company was engaged in a messy battle with activist investors who were trying to push Kohl’s to spin off its online business, sell its real estate holdings, or take the company private. The retailer has also given up on considering a sale in 2022.
The Kohl’s closures follow Macy’s announcement of similar news last week. Macy’s aimed to close 66 locations in the coming weeks as it also struggles to attract shoppers amid inflationary pressure.
Here are the locations Kohl’s plans to close:
21000 Town Center Avenue (Spanish Fort)
13909 Chenal Drive (Little Rock)
5505 Balboa Avenue (San Diego)
134 N. El Camino Real (Encinitas)
43782 Christy Street (Fremont)
350 Showers Drive (Mountain View)
1116 1st Street (Napa)
4525 Rosewood Drive (Pleasanton)
1896 Arden Road (Sacromento)
5010 Northgate Drive (San Rafael)
205 Madonna Road. (San Luis Obispo)
8739 S. Sepulveda Blvd. (Westchester)
6584 S. Parker Road. (Dawn)
2050 W. Liddell Road. (Duluth)
400 N. Milwaukee St. (Boise)
11860 South, Route 59 (Plainfield)
3000 Spring Hill Perimeter Road. (Dundee West)
501 Technology Center Drive (Stoughton)
72 Princeton Hightstown Road. (Windsor East)
4150 Hunt Road. (Blue Ash)
100 Cincinnati Mills Drive (Cincinnati)
10010 NE. Halsey Street (Portland)
351 W. Schuylkill Road. (Pottstown)
18224 Preston Road. (Dallas)
13319 S. 3600 W. Suite 13LOT (Riverton)
2100 Centerville Road. (Herndon)
100 Gristmill Plaza (Williamsburg)
