Kohl’s To Close 18 Stores – Will Kalamazoo Or Battle Creek Be On The List?
Will Kalamazoo or Battle Creek be on the list?
According to CNBC, this is the first time in the store's 52-year history to have to close multiple stores at once. In their 4th quarter, sales dropped 20%.
The 18 stores that Kohl's will close this summer are expected to generate $55 million in savings, and represent less than 1 percent of its total sales. These stores were selected due to their overall sales and momentum, their overhead cost and the amount of overlap they had with nearby stores.
While Kohls will close 18 stores, the company will OPEN 7 news but smaller stores:
When considering the seven new small-format stores Kohl's intends to open this year, along with the two additional Off/Aisle stores and 12 Fila outlet stores it has planned, the chain's store count will actually increase by three. That represents more of a change in strategy as opposed to a broad-based approach to cutting costs.
Kohls has yet to release a list of stores heading for closure but plans to do so in March.