Kohl’s Closing 18 Stores As Profits Drop
MENOMONEE FALLS, Wisconsin - Kohl’s plans to close 18 stores, while pursuing new store formats including a foray into the outlet arena as the department store chain reinvents itself.
The strategy comes as department store chain, which operates more than 1,160 stores, issued a weak annual revenue forecast Thursday after posting a 20 percent drop in fourth-quarter profits.
Kohl's has stores in Edmond, Lawton, Midwest City, Norman, Oklahoma City, Owasso, Shawnee, Tulsa and Yukon.
The closures, although small, mark a rare retreat for a company that has never closed a multiple of locations at one time, Kevin Mansell, chairman and CEO of Kohl’s, told investors on a conference call on Thursday.
In a shifting retail environment, Kohl’s, Macy’s and other department stores are expanding online and they’re launching their own off-price stores.
Kohl’s said it is planning to add two more Off-Aisle pilot stores in Wisconsin.
The retailer also plans to open seven small-format stores throughout the country, and it will be testing 11 outlet stores under the Fila brand.
The company is expected to release which stores will close by the end of March.
The Associated Press contributed to this report.