Title: 27 Kohl's Stores to Shutter: Check if Your Local Outlet is Included
Title: 27 Kohl's Stores to Shutter: Check if Your Local Outlet is Included
Kohl's is wrapping up the closure of 27 underperforming stores spread across 15 states by April 2025. According to a press release, these outlets have been underperforming, and the company sees it as necessary to bolster profitability and enhance operational efficiency. This move is a significant part of Kohl's long-term growth strategy, as they aim to support their business and teams for their customers and employees alike.
Tom Kingsbury, the departing CEO, will be leaving his post on Wednesday and will be succeeded by Ashley Buchanan, the head of Michaels, a crafts chain. Kingsbury will become an advisor to Buchanan and remain on Kohl's board until his retirement in May.
Poor sales performance and a string of missed earnings estimates have burdened Kohl's in recent quarters. Struggling with shifting consumer behavior and the pressure of inflation, Kohl's shares have plummeted nearly 40% over the past six months. The retail industry has seen its fair share of turmoil, and Kohl's has not been an exception.
In 2022, activist investors caused a stir by pushing Kohl's to separate its online business, sell some real estate, or even go private. However, the company opted against an immediate sale and continued exploring its options.
The underperforming stores slated for closure are jewels scattered across various states. Here's the complete list, from California to Virginia:
Arizona
13909 Chenal Parkway (Little Rock)
California
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 Way (Sacramento)5010 Northgate Drive (San Rafael)205 Madonna Road (San Luis Obispo)8739 S. Sepulveda Blvd. (Westchester)
Colorado
6584 S. Parker Road (Aurora)
Georgia
2050 W. Liddell Road (Duluth)
Idaho
400 N. Milwaukee Street (Boise)
Illinois
11860 S. Route 59 (Plainfield)3000 Spring Hill Ring Road (West Dundee)
Massachusetts
501 Technology Center Drive (Stoughton)
New Jersey
72 Princeton Hightstown Road (East Windsor)
Ohio
4150 Hunt Road (Blue Ash)100 Cincinnati Mills Drive (Cincinnati)
Oregon
10010 NE Halsey Street (Portland)
Pennsylvania
351 W. Schuylkill Road (Pottstown)
Texas
18224 Preston Road (Dallas)
Utah
13319 S. 3600 W. Suite 13LOT (Riverton)
Virginia
2100 Centreville Road (Herndon)100 Gristmill Plaza (Williamsburg)
As Macy's recently announced similar store closures, competition in the retail sector remains fierce. However, Kohl's is not backing down. By focusing on a leaner, more profitable store base, Kohl's is taking concrete steps to survive and thrive in this challenging landscape.
The closure of underperforming stores is part of Kohl's strategy to bolster profitability and enhance operational efficiency in their business. This move aims to support both customers and employees.
Despite the turmoil in the retail industry and poor sales performance, Kohl's is determined to stay competitive and is focusing on a leaner, more profitable store base.