Kohl’s To Close 27 Stores In 12 States

Kohl’s announced it will close 27 underperforming stores across 12 states as the retailer aims to improve profitability amid ongoing struggles, Jordan Valinsky reported the news for CNN.

Kohl's is also anticipating weaker-than-expected holiday sales. I Photo: Mike Mozart Flickr

The closures, slated for completion by April, represent a small portion of Kohl’s 1,150-store chain. In a press release, the company reaffirmed its belief in the "health and strength" of its profitable store base.

The decision is among the final moves by outgoing CEO Tom Kingsbury, who recently stepped down,

Kingsbury was succeeded by Ashley Buchanan, the current chief executive of the arts and crafts retailer Michaels. Kingsbury will remain an advisor to Buchanan and serve on the company’s board 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 take difficult but necessary actions to support the health and future of our business for our customers and our teams.”

Kohl’s, like many department stores, has struggled in recent years with changing consumer behaviors and declining foot traffic.

The company also anticipates weaker-than-expected holiday sales, forecasting a larger drop in revenue than previously estimated. Over the past six months, Kohl’s stock value has declined by nearly 40%.