Kohl's Corporation (KSS) shares plunged 5.04% in pre-market trading on Monday, as the struggling retailer announced plans to close 27 underperforming store locations across the United States.
The closures, which are set to be completed by April, represent a small fraction of Kohl's 1,150 store base but signal the company's efforts to cut costs and improve profitability amid challenging retail conditions. The announcement comes as Kohl's grapples with shifting consumer behavior and intense competition from online and off-price retailers.
Like many department stores in recent years, Kohl's has been in turmoil as it seeks to reinvent itself and adapt to changing shopping habits. The company recently forecasted a larger drop in sales than previously expected for the crucial holiday shopping season, further compounding investor concerns about its future prospects.
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