Kohl's Plans to Close 18 Stores in 2016

Feb 25, 2016, 22:42

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.

But the shift in strategy isn't limited to exiting underperforming locations. The announcement comes, however, as Kohl's reported this year's holiday season sales rose a modest. The company said it anticipates about $150 million to $170 million in charges as a result of the closures and organizational realignment at the corporate offices earlier this month. All employees at those locations will be offered jobs in nearby Kohl's stores "without exception", Mansell said.

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Last August, Kohl's chief financial officer Wes McDonald told analysts the firm would close "a couple of stores" in 2016.

US department store operator Kohl's Corp KSS.N warned that sales could fall this year and said it was unlikely to meet its 2017 target of $21 billion in sales because of a weak economy and a pullback in consumer spending on its core categories such as apparel. Kohl's management said it expects this pressure to continue into the first quarter, as it tries to clear through the rest of this merchandise.

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Among other areas of investment will be construction of a fifth e-commerce fulfillment center, a $200 million project. Kohl's will also launch their own cut-price stores and open some smaller locations. And with less money to spend on clothes, they're spending more time in stores like T.J. Maxx to grab fat discounts. There are 11 stores located in the region from Butler County to Clark County.

Kohl's operates two stores in Lehigh County, and one each in Quakertown, Lower Nazareth Township and the Phillipsburg Mall outside Phillipsburg, N.J. In addition, the chain has four other stores within a 30 miles radius of Allentown.

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The goal, Mansell said, is to identify ways to run the business more efficiently, "but most importantly, create more speed and be more agile more nimble". Naples Global Advisors LLC raised its position in shares of Kohl's Co.by 7.9% in the fourth quarter.