The senior leader of Kohl's announced in a conference call the retailer has planned 18 store closures across the United States.
There is no word on exactly which specific locations will be closing just yet. That announcement will be made by the end of March, the company says.
Kevin Mansell, chairman, said it is the first time in the store's history that several have closed at once. Kohl's has seen a stall in revenue and is exploring new ideas, including opening smaller stores, according to its earning statement released today.
Plans call for the retailer to:
• Pilot a new smaller format Kohl’s store, opening 7 of these stores in various regions around the country
• Add two additional Off-Aisle pilot stores in Wisconsin
• Open 12 Fila outlet stores, which will mark Kohl’s first entry into the outlet space
Kohl's has operated for 52 years. It will announce which stores will close at the end of March.
“While the decision to close stores is a difficult one, we evaluated all of the elements that contribute to making a store successful, and we were thoughtful and strategic in our approach. We are committed to leveraging our resources on our more productive assets,” Mansell said.