Kohl's To Close Underperforming Stores
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MIAMI (CBSMiami) -- Kohl's has announced the closure of 18 stores later this year as the company looks to cut costs and find a balance between their brick-and-mortar stores and online business.
"We need to really place our bets on the things that are working and acknowledge where we have assets or resources in things that are not working as well," CEO Kevin Mansell said in an interview.
At the same time Kohl's is closing stores, it will boost capital spending this year by 20%, to $825 million.
"This is not a company that's pulling back," Mansell said.
The stores represent less than 1 percent of the company's sales and employ between 80 to 100 workers each. Kohl's has 1,164 stores in 49 states.
By the end of March, the company plans to announce which stores exactly will be closed.