Plus   Neg

Kohl's To Close Experimental Off/Aisle Discount Stores

discountstores jun12 lt

Kohl's Corp. (KSS) is closing its Off/Aisle stores, four years after introducing the concept of discount retailing.

The retail chain will close its four Off/Aisle locations on August 3, reports said citing a memo to its staff. Of these stores, three are in Wisconsin and one in New Jersey. The outlets sell deeply discounted items customers returned to its department stores.

The company, which is struggling with weak financials, said the closure decision is not because they are unsuccessful, but there are not enough merchandise to supply the Off/Aisles. Kohl's said that the improved inventory management at its regular department stores made it impossible to make the required supply.

All employees from the Off/Aisle locations stand an opportunity to join nearby Kohl's locations, reports said.

Kohl's started Off/Aisle experimental concept in 2015 following high competition in the retail segment from e-commerce giant Amazon and off-price retailers.

In mid May, while reporting weak profit, revenues and comparable sales in its first quarter, Kohl's had slashed its earnings guidance for the full-year 2019.

For comments and feedback contact: editorial@rttnews.com

Business News

Follow RTT