Kohl’s to close 27 stores next month as full list revealed

Kohl’s said it would close 27 stores in several states to boost profits, with the closures expected to be completed by April.

The retail giant mentioned that these “underperforming” locations represent only a small part of its vast network comprising more than 1,150 locations.

In contrast, another retail titan, Macy’s, is embarking on a massive overhaul, aspiring to reinvent itself as a luxury brand by planning to close 150 outlets after witnessing a decline in sales. This follows a period of turbulence for retailers, with the collapse of Big Lots.

The company has informed all affected employees of the impending closures and is offering them severance packages.

Additionally, Kohl’s encourages these employees to seek other roles within the organization.

IF YOU CANNOT SEE THE FULL LIST OF STORES, CLICK HERE.

The department store said, “Kohl’s thanks our associates for their work and strives to support our associates during this transition. »

The closures are part of outgoing CEO Tom Kingsbury’s final decisions.

Management of Kohl’s will pass into the hands of Ashley Buchanan, the former senior executive of Michaels, starting this Wednesday.

Even after stepping down, Kingsbury is expected to help Buchanan as an advisor and remain on the board until his retirement in May, CNN reported.

“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.”

Kohl’s faces the same challenges as other department stores in adapting to the changing retail environment.

The company has seen a nearly 40% drop in its share price (KSS) over the past six months.

Macy’s is also facing these changes in retail, recently announcing the upcoming closure of 66 stores due to difficulties attracting shoppers amid rising inflation.

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