Headlines
Macy’s, Kohl’s Shutting Stores
Total of 93 locales getting axed by department store chains
A pair of high-profile department store chains are trimming their fleets as they head into the new year. Macy’s Inc. (New York) has confirmed the closure of 66 additional stores, as part of its ongoing “Bold New Chapter” strategy to winnow its store fleet to its top 350 locales, while Kohl’s (Menomonee Falls, Wis.) said it will shutter 27 poorly performing stores and an e-ecommerce center in California.
Macy’s plan, launched last February, is designed to return the retailer to sustainable, profitable sales growth by closing a total of 150 underproductive stores over a three-year period. Click here to see the full list of 66 closing Macy’s locations, which are spread over 22 states, with the largest clusters in California (9 stores closing), New York (9) and Texas (6).
“Closing any store is never easy, but as part of our Bold New Chapter strategy, we are closing underproductive Macy’s stores to allow us to focus our resources and prioritize investments in our go–forward stores, where customers are already responding positively to better product offerings and elevated service,” said Macy’s Chairman and CEO Tony Spring.
Kohl’s, meantime, said its closures will occur in 15 states by April, with the largest number (10) occurring in California. Kohl’s said while it continues to believe in the health and strength of its store base, these specific locations were underperforming. (Click on this release, then scroll to its bottom to see a listing of all stores being shuttered.)
“We always take these decisions very seriously,” said Kohl’s CEO Tom Kingsbury, who will exit that role Jan. 15 and be replaced by Ashley Buchanan, President and CEO of The Michaels Cos. “As we continue to build on our long-term growth strategy, it is important that we also take difficult but necessary actions to support the health and future of our business for our customers and our teams.”
The action will leave Kohl’s with about 1150 stores.
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