Department store chain Kohl's has announced it will close 27 “unprofitable” stores and distribution centers by this spring, just one month after rival chain Macy's announced it would close 150 stores.
Kohl's is headquartered in Menomonee Falls, Wisconsin. said on January 9th press release Scheduled closures include Alabama, Arkansas, California, Colorado, Georgia, Idaho, Illinois, Massachusetts, New Jersey, Ohio, Oregon, Pennsylvania, Texas, and Utah. , in Virginia.
Some stores in those states will close by April, and the company's e-commerce distribution center in San Bernardino, California, will close by May, the release said.
“All employees have been notified and offered a competitive severance package and the opportunity to apply for other open positions at Kohl's,” company officials said. “Kohl’s appreciates the work of our employees and is committed to supporting them during this transition period.”
CEO Tom Kingsbury said the decision was “difficult but necessary.”
“We always take these decisions very seriously,” he said. “As we continue to build our long-term growth strategy, it is also important that we take difficult but necessary steps to support the health and future of our customers' and our teams' businesses.”
Kohl's has more than 1,150 stores in the United States, with a presence in every state except Hawaii.
Company representatives added in the news release that the company “remains confident in the health and strength of its profitable store base” outside of certain “unprofitable stores.”
Kingsbury's position could also change. get off As CEO on Tuesday, USA Today Reported.
Ashley Buchanan, CEO of craft retailer Michaels, said: leave his company He will take over the CEO position at Coles.
“I am extremely proud of what we have accomplished since joining Michaels five years ago,” said Buchanan. said in november press release From Michaels. “The strategic priorities set by the team have positioned Michaels to succeed today while ensuring innovation and growth for the future. Over the next two months, I will work closely with the Michaels Leadership Team and Board of Directors. We look forward to working with them to drive our strategy and ensure a smooth transition.”
News of Kohl's store closures was announced shortly after Macy's With shutter Breitbart News reported that the company will close 64 stores by the end of 2024 as part of a plan to close a total of 150 stores over the next three years.
