Kohl’s is shutting down 27 stores across 15 states, including New Jersey, due to declining sales.
Jersey: So, Kohl’s is closing 27 stores in 15 states by April, and yeah, one of them is right here in New Jersey. They’re struggling with sales, just like a lot of other retailers.
Now, this might sound like a lot, but it’s only about 3% of their total stores, which is around 1,150. Still, it shows a bigger issue in retail. Just the other day, Macy’s announced they’re closing 66 stores, too.
Kohl’s said these specific locations just weren’t doing well. They’ve already told the employees, offering them severance or other jobs within the company. It’s a tough situation for everyone involved.
Plus, there’s a leadership change coming up. The new CEO, Ashley Buchanan from Michaels, is stepping in soon. This follows a rough patch for Kohl’s, with 11 quarters of declining sales.
Tom Kingsbury, the outgoing CEO, mentioned that these decisions are never easy. They’re trying to focus on long-term growth, but sometimes tough calls have to be made for the business’s health.
Kingsbury will still be around to advise until he retires in May. He took over as CEO earlier this year after being interim CEO for a few months.
Like many retailers, Kohl’s is feeling the pinch as shoppers are leaning towards cheaper options and online shopping. They’re not alone; many stores are planning closures in 2025, and some are even filing for bankruptcy.
Macy’s is also in the mix, with plans to close nine stores in New York and one in New Jersey, citing similar reasons for their underperforming locations.
