Kohl’s Planning to Close Eighteen Stores
MENOMONEE FALLS, Wis. (AP) — Kohl's Corp. says it will close a small fraction of brick-and-mortar stores as it meets the needs of its online customers.
Its closure of 18 stores this year is a shift away from its aggressive expansion of stores in recent years across the country. CEO Kevin Mansell says the stores to be closed account to less than 1 percent of the company's sales. Kohl's has not announced which stores will be involved. The sites are expected to be identified by the end of March. Kohl's has 26 stores in Minnesota, including one in Rochester.
The Menomonee Falls retail chain reported fiscal fourth-quarter earnings of $296 million Thursday on net income of $1.58 per share. The results exceeded Wall Street expectations. The department store operator posted revenue of $6.4 billion for the quarter.
Here is a summary of the financial results and closure announcement.