Kohl's to shut 18 underperforming stores after 20% profit drop

Author:
Updated:
Original:

Kohl's has announced it will close 18 stores across the country by June, after announcing a 20 percent drop in profits this week.

The Wisconsin-based company has not yet revealed which of its "underperforming" stores will be affected by the cost-cutting measure, with Reuters reporting the firm's 4th Quarter profits were hit by the unseasonably warm November and December.

Eighteen stores represents just a small fraction of its total outlets. It has 26 stores in Minnesota alone and just under 1,200 nationwide, according to its website.

But according to CNBC, the move is significant as CEO Kevin Mansell acknowledge it represents what's thought to be the first time in the company's 52-year history it is closing down multiple stores at the same time.

CFO Wes McDonald told the TV station the firm had only shut down five locations since he joined in 2003.

The Pioneer Press reports the retailer is trying to find "the proper balance between its extensive brick-and-mortar presence and its increasingly important online business."

The newspaper notes Kohl's is "wrestling" with the shift from store shopping to online, and though it's digital business has been growing it's not been enough to boost lackluster sales.

Next Up

Screen Shot 2020-11-28 at 6.58.11 PM

Gophers dominate second half to defeat Loyola-Marymount

Marcus Carr scored 26 to send the Gophers to 2-0.

Ambulance hospital emergency

Kandiyohi Co. man airlifted after hand caught in corn picker

Corn pickers are a common cause of farm accidents.

White tail deer

DNR: Passenger shot at deer out of driver's side window

The DNR said 'all sense of safety was disregarded.'

Screen Shot 2019-07-18 at 9.10.30 AM

Mpls council proposal would cut nearly $8M from 2021 police budget

The "Safety for All Budget Plan" was introduced Friday.

Shayne Munich

Minneapolis police appeal for help finding missing man

Shayne Munich is described as a vulnerable adult.

Screen Shot 2020-11-27 at 6.26.50 PM

Minnesota nurse's story about her battle with COVID-19 goes viral

A month later, Ashley Walter is on a hard road to recovery.

Adam Thielen

Report: Still on COVID-19 list, Thielen not expected to play Sunday

Thielen was placed on the COVID-19/Reserve list on Monday.

Image from iOS (19)

Mask-wearing, distancing a common sight on MOA's Black Friday

Thousands of shoppers were out and about on Black Friday despite the COVID-19 situation.

Related