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.READ MORE: Broward Dive Rescue Teams Come Together To Investigate, Recover Sunken Vehicles From Deerfield Beach Lake
“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.READ MORE: Condo Reform Measure Introduced During Florida Special Session On Property Insurance
“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.MORE NEWS: Judge: Surfside Collapse Property Owners Bumped Up To $96M
By the end of March, the company plans to announce which stores exactly will be closed.