Kohl's to close stores, offer voluntary retirement program to workers
Kohl's Corp. plans to close four "lower performing" stores this year, close one of its customer-service centers, and offer a retirement program to long-time employees as part of its efforts to lift its performance, the retailer said late Thursday in a filing. Stores in Rego Park and Valley Stream, N.Y.; Lenexa, Kan., and Houma, La.., are slated for closing for "a variety of reasons, including real estate and other operational costs," the company said. Kohl's plans on opening four smaller stores at not-yet-disclosed locations, keeping the store count at 1,158, it said. The Dallas, Texas, customer service will be closed, and a voluntary retirement program from long-time employees 55 and older will be offered, it said. The company said it is unable to tell the charges resulting from the plan, but it is likely to finalize that amount before the release of its earnings in March, it said. Kohl's earlier Thursday reported slower holiday sales and shares ended the regular trading day down 4.8%. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.