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.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.