Midwest-Based Department Store Chain to Close 18 Locations
A Wisconsin-based retailer is preparing to close 18 stores. It will mark the first time in the company's more than 50-year history they've closed more than a single store at one time.
The news came today on an investor conference call after Kohl's released its 2015 fourth-quarter earnings report. Kohl's CEO Kevin Mansell made the announcement while NBC News also reports that Kohl's has closed only five stores in the last dozen-plus years.
Kohl's, which has 18 locations in Iowa including two in Cedar Rapids and one in Coralville, has been struggling to push revenues past $19 billion or so the last several years. The company currently has 1,160 stores around the nation.
The 18 stores that Kohl's is closing are expected to save the company in the neighborhood of $55 million. Combined, they account for less than one percent of Kohl's sales total. They're expected to close by June with the announcement of which stores will be affected coming at the end of March. In the meantime, Kohl's employees and shoppers in the Corridor will be hoping their store(s) aren't affected.