Kohl's Announces Plans for Closures
Kohl’s announced in its financial statement it plans to close 18 under performing stores throughout the country, representing less than one percent of total sales.
The specific locations will be announced by the end of March.
The closures are expected to generate annual SG&A savings of approximately $45 million and annual depreciation savings of approximately $10 million.
The Company currently expects to incur approximately $150 - $170 million in charges as a result of these planned closures and the organizational realignment at the Company’s corporate offices which occurred earlier this month.
Kohl's plans to open seven pilot smaller format Kohl's stores throughout the country. Two additional Off-Aisle pilot stores will open in Wisconsin.
In addition, the company plans to open 12 Fila outlet stores.