The Wisconsin-based Kohl’s Corporation plans to close 18 of its most under performing department stores by the end of June. Company officials in Menomonee Falls said the affected locations will be announced by the end of next month.
The closings are a rare move for Kohl’s, which has added average of 75 stores each year for the past decade. CEO Kevin Mansell said the firm needs to put more of its resources into what works, and less in what doesn’t work as well.
The announcement was made in conjunction with the release of Kohl’s quarterly financial report, which says the firm’s net income was down 20 percent from a year ago for the period of November through January.