Kohl’s CEO reveals big decision on closing stores – Business News
Kohl’s CEO Michael Bender has revealed that prospects and staffers don’t need to fret about more intense store closures this yr as he focuses on turning across the flailing retailer.
In 2025, the beleaguered division store chain shuttered 27 stores throughout 15 states, together with an e-commerce success heart in California – with then-CEO Tom Kingsbury calling the closures a “necessary” step to “support the health and future of our business.”
When Bender took the helm in November — turning into the company’s fourth full-time CEO in three years after scandal-ridden Ashley Buchanan was fired from the job — prospects feared that he would plan more closures in an attempt to spice up gross sales on the Wisconsin-based retailer.
Kohl’s CEO Michael Bender has revealed that prospects and staffers don’t need to fret about more intense store closures this yr. Courtesy of Kohlâs
During a post-earnings call final week, Bender informed an investor who requested whether or not he was planning extra store closures that he “would not anticipate any sort of grand plan of saying we’re taking stores out or adding stores at this point.”
He stated more than 90% of Kohl’s roughly 1,150 areas are nonetheless profitable, although the company shall be wanting into the “hygiene” of every store to make sure they’re “positioned in the right spot” for growth.
“The focus for us is actually on optimizing what we already have, and we’ll be focused on making sure that we continue to push the store’s productivity as far as we can going forward,” he added.
Like many different division store chains, Kohl’s has been struggling for years to show round declining gross sales amid heated competitors from e-commerce rivals like Amazon, Temu and Shein.
In its most up-to-date quarter, same-store gross sales plunged 2.8% – although earnings per share had been $1.07, nicely above Wall Street estimates of 86 cents.
Same-store gross sales fell 3.1% over the total fiscal yr 2025.
Though shares in Kohl’s jumped after Bender was named CEO final yr, the stock is down more than 37% to date this yr – closing at $12.69 on Tuesday.
Kohl’s shuttered 27 stores throughout 15 states final yr. Getty Images
Bender – a longtime retail veteran who labored at Victoria’s Secret, PepsiCo and Walmart – was named interim CEO after Kohl’s fired Buchanan in May over conflicted business ties with a secret romantic companion.
Buchanan and Chandra Holt, founder of espresso business Incredibrew, stored their relationship hidden from three main retailers over a period of no less than 5 years – at the same time as the 2 lived collectively in a ritzy $3 million mansion in Texas, the Wall Street Journal reported.
Since turning into head honcho, Bender has ramped up efforts to attract in cash-strapped prospects by focusing on private-label manufacturers, reductions and new merchandise releases.
He has additionally targeted on streamlining Kohl’s partnerships with Sephora and Babies “R” Us.
