2 major retailers plan to shutter dozens of struggling stores
Kohl's joined Macy's on Thursday in announcing dozens of store closures.
Kohl's on Thursday afternoon said it would close 27 stores, Axios reported. That announcement followed Macy's own earlier in the day that it would shutter 66 more stores this year.
Kohl's is trying to avoid bankruptcy, according to the report.
"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," CEO Tom Kingsbury said in a statement. He plans to step down next week and is set to be replaced by Michaels CEO Ashley Buchanan.
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Kohl's operates about 1,150 stores nationwide.
Meanwhile, Macy's said its closures are part of a "Bold New Chapter" plan. Axios reported that liquidation sales are slated for this month.
The retailer is closing underperforming stores "to allow us to focus our resources and prioritize investments in our go–forward stores," Chairman and CEO Tony Spring said in a statement.