Popular American department store retail chain, Kohl’s, has announced the closure of 27 stores across more than a dozen states as part of its efforts to enhance profitability amidst ongoing challenges in the retail sector.
The closures, set to be completed by April, represent a small portion of the retailer’s 1,150 locations and have been categorised as “underperforming,” according to a company press release.
Despite this move, Kohl’s affirmed its confidence in the “health and strength of its profitable store base.”
The decision marks one of the final actions taken by outgoing CEO Tom Kingsbury, who will step down on Wednesday. Kingsbury will be succeeded by Ashley Buchanan, the current CEO of Michaels, an arts and crafts chain. Kingsbury will remain with Kohl’s as an advisor to Buchanan and as a board member until his retirement in May.
“We always take these decisions very seriously,” Kingsbury stated in the release. “As we continue to build on our long-term growth strategy, it is important that we also take difficult but necessary actions to support the health and future of our business for our customers and our teams.”
Like many department stores, Kohl’s has faced turbulence in recent years, driven by shifting consumer behaviours and economic pressures. The retailer anticipates weaker-than-expected holiday sales and recently forecasted a greater decline in revenue. Its stock has dropped nearly 40% over the past six months.
In 2022, Kohl’s faced intense pressure from activist investors, who pushed for measures such as spinning off its online business, selling real estate, or taking the company private. However, the retailer ultimately decided against pursuing a sale.
Kohl’s announcement follows a similar move by Macy’s, which last week revealed plans to close 66 locations as it also grapples with declining foot traffic and inflation.
The following is the full list of Kohl’s stores slated for closure:
Alabama:
21000 Town Center Ave. (Spanish Fort)
Arkansas:
13909 Chenal Pkwy (Little Rock)
California:
5505 Balboa Ave. (San Diego)
134 N. El Camino Real (Encinitas)
43782 Christy St. (Fremont)
350 Showers Dr. (Mountain View)
1116 1st St. (Napa)
4525 Rosewood Dr. (Pleasanton)
1896 Arden Way (Sacramento)
5010 Northgate Dr. (San Rafael)
205 Madonna Rd. (San Luis Obispo)
8739 S. Sepulveda Blvd. (Westchester)
Colorado:
6584 S. Parker Rd. (Aurora)
Georgia:
2050 W. Liddell Rd. (Duluth)
Idaho:
400 N. Milwaukee St. (Boise)
Illinois:
11860 S. Route 59 (Plainfield)
3000 Spring Hill Ring Rd. (West Dundee)
Massachusetts:
501 Technology Center Dr. (Stoughton)
New Jersey:
72 Princeton Hightstown Rd. (East Windsor)
Ohio:
4150 Hunt Rd. (Blue Ash)
100 Cincinnati Mills Dr. (Cincinnati)
Oregon:
10010 NE. Halsey St. (Portland)
Pennsylvania:
351 W. Schuylkill Rd. (Pottstown)
Texas:
18224 Preston Rd. (Dallas)
Utah:
13319 S. 3600 W. Suite 13LOT (Riverton)
Virginia:
2100 Centreville Rd. (Herndon)
100 Gristmill Plaza (Williamsburg)
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