It’s paring down its 1,160-store fleet.
Kohl’s KSS 3.25% will close 18 stores in 2016 in anticipation of another year of meager sales gains. The number may not sound huge, but it’s the first time in memory that the retailer will shutter that many locations.
Earlier this month, Kohl’s reported comparable sales rose a modest 0.4% during the holiday season. Now the department store expects comparable sales, which exclude recently closed or opened stores, to range from unchanged to rising 1% for most in 2016. Total sales may even fall, Kohl’s warned investors on Thursday. So now the retailer has decided to pare some of its 1,160-store fleet. (Macy’s has also announced store closings because of weak sales.)
Kohl’s has not yet said where the closings will occur.
“While the decision to close stores is a difficult one, we evaluated all of the elements that contribute to making a store successful, and we were thoughtful and strategic in our approach. We are committed to leveraging our resources on our more productive assets,” Kohl’s CEO Kevin Mansell said in an interview.
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Thanks again Obama for placing another nail in the coffin of America.
ReplyDeleteWake Up call about the Economy when Kohl's (who repeatedly whip up on the likes of Macy's and JC Penney's) starts closing stores!
ReplyDeleteWOW
Can anybody say Obamacare?
ReplyDeleteI will not miss Kohls. The sales that were not sales and the free Kohls bucks that were not free.
ReplyDeleteThe US economy is doing very well.
ReplyDeleteThat is why Kohls, Walmart, and Macys are closing some of their stores.
Oh wait a minute. What I just wrote doesn't make sense. Ummm, . . .
Online sales are cutting into storefront sales. Of course to be a successful online sellers requires many people doing jobs we never see.
ReplyDelete