NEW YORK (AP) — Kohl’s said Friday it was closing 27 underperforming locations in 15 states by April — a fraction of its 1,150 store base — as the struggling department store chain aims to boost profitability and improve sagging sales.
The announcement comes as the Menomonee Falls, Wisconsin-based chain has posted 11 consecutive quarters of sales declines. Michaels CEO and retail veteran Ashley Buchanan is set to take over as the chief executive of Kohl’s next week.
Buchanan will take over the top job from Tom Kingsbury, who will stay as an adviser to the new CEO and retain his position on Kohl’s board until his scheduled retirement in May. Kingsbury served as Kohl’s interim CEO in December 2022 and was named its permanent leader in February 2023…