Kohl’s stated Friday it was closing 27 underperforming shops in 15 states by April — a fraction of its 1,150 retailer base — because the struggling division retailer goals to spice up profitability and enhance sagging gross sales.
Amongst these, one New Jersey location is ready to shut. The shop on Princeton Hightstown Highway in East Windsor was the one one within the tri-state space that’s slated for closure.
The announcement comes because the Wisconsin-based chain has posted 11 consecutive quarters of gross sales declines and faces new management. Michaels CEO and retail veteran Ashley Buchanan will take over the chain’s high job, efficient Wednesday, succeeding Tom Kingsbury, who will keep as an adviser to the brand new CEO and retain his place on Kohl’s board till his retirement this Could.
Kingsbury served as Kohl’s interim CEO in December 2022 and was named its everlasting chief in February 2023.
Kohl’s declined to reveal the variety of workers affected. It stated staff have been knowledgeable and have been provided a “competitive severance package” or the possibility to use to different open roles at Kohl’s. The record deemed for closing contains 10 in California.
“As we proceed to construct on our long-term development technique, it is vital that we additionally take tough however crucial actions to assist the well being and way forward for our enterprise for our clients and our groups,” Kingsbury stated in an announcement.
On Thursday, Macy’s disclosed the areas of 66 shops that will probably be closing early this 12 months, together with one in a historic landmark constructing in Philadelphia. The vast majority of these shops will shut in the course of the firm’s first fiscal quarter of this 12 months, Macy’s stated.
Among the many Macy’s shops closing within the New York Metropolis space, 9 are in New York and one is in New Jersey.
The announcement is a part of a method introduced in February 2024, that requires shuttering roughly 150 underproductive shops whereas upgrading its remaining 350 shops by way of fiscal 2026. The closings come as Macy’s is trying to enhance its gross sales as customers have pulled again on discretionary objects amid nonetheless excessive inflation.
In November, Macy’s reported falling revenue and gross sales in its fiscal third quarter. It raised gross sales expectations for the present fiscal 12 months, however lowered revenue projections.
The Macy’s shops set to shut account for 25% of total sq. footage however lower than 10% of its gross sales, the corporate had stated.
Right here is the total record of Kohl’s areas that shall be closing:
Alabama
Spanish Fort – 21000 City Middle Ave.
Arkansas
Little Rock West – 13909 Chenal Pkwy.
California
Balboa (San Diego) – 5505 Balboa Ave.
Encinitas – 134 N El Camino Actual
Fremont – 43782 Christy St.
Mountain View – 350 Showers Dr.
Napa – 1116 1st St.
Pleasanton – 4525 Rosewood Dr.
Level West (Sacramento) – 1896 Arden Method
San Rafael – 5010 Northgate Dr.
San Luis Obispo – 205 Madonna Rd.
Westchester – 8739 S Sepulveda Blvd.
Colorado
Arapahoe Crossing (Aurora) – 6584 S Parker Rd.
Georgia
Duluth – 2050 W Liddell Rd.
Idaho
Boise – 400 N Milwaukee St.
Illinois
Plainfield – 11860 S Route 59
Spring Hill (West Dundee) – 3000 Spring Hill Ring Rd.
Massachusetts
Stoughton – 501 Expertise Middle Dr.
New Jersey
East Windsor – 72 Princeton Hightstown Rd.
Ohio
Blue Ash – 4150 Hunt Rd.
Forest Park (Cincinnati) – 100 Cincinnati Mills Dr.
Oregon
Portland Gateway – 10010 NE Halsey St.
Pennsylvania
Pottstown – 351 W Schuylkill Rd.
Texas
North Dallas – 18224 Preston Rd.
Utah
Riverton – 13319 S 3600 W Ste 13LOT
Virginia
Herndon – 2100 Centreville Rd.
Williamsburg – 100 Gristmill Plz
