Kohl's to close 27 department stores nationwide — including 10 in California

Company Overview - Kohl's will permanently close 27 "underperforming" locations across 14 states, including 10 in California, as part of emergency measures to avoid bankruptcy [1][4] - The closures are expected to be completed by April [1] Financial Performance - Kohl's has reported a decline in sales for 11 consecutive quarters, with a same-store sales decline of 9.3% in the third quarter [5] - The company has lowered its annual sales forecast, now expecting a full-year net sales decline between 7% and 8%, compared to a previous forecast of 4% to 6% [6] - Customer visits to Kohl's decreased by 6.2% on average in the third quarter, worsening from a 3.4% decline in the previous two months [6] Leadership Changes - Outgoing CEO Tom Kingsbury emphasized the seriousness of the closure decisions as part of a long-term growth strategy [3] - Ashley Buchanan, a former Walmart executive, is set to take over as CEO following Kingsbury's departure [8] Industry Context - Kohl's struggles reflect broader challenges faced by department stores, including the rise of e-commerce and changing consumer preferences, particularly among Gen Z [10] - Other department stores, such as Macy's, have also announced significant store closures, indicating a trend within the industry [9]