Home / Kohl’s News: CEO Fired, Store Closures, and Q4 Losses

Kohl’s News: CEO Fired, Store Closures, and Q4 Losses

By: Jasmin Espinas
May 3, 2025

Kohl’s has been a go-to store for clothing, home goods, and seasonal deals for decades. It’s a familiar brand for many families, with locations across the country and a strong presence in malls and shopping centers.

But lately, things have been going south. In recent Kohl’s news, the company just let go of its CEO, announced plans to close several stores, and posted a disappointing forecast for 2025.

Latest Kohl’s News: Executive Termination & New Interim CEO

Kohl’s made headlines on May 1 after firing CEO Ashley Buchanan just a few months into the job. According to the company’s internal investigation, he pushed for deals involving a vendor with whom he had a personal relationship. He was only a little over 100 days into the role when the decision was made.

Additionally, the company said this had nothing to do with sales, financial reporting, or anyone else at Kohl’s. Kohl’s emphasized that the issue was tied strictly to his own actions.

At the same time, Kohl’s named board member Michael Bender as interim CEO. He’s been on the board since 2019 and recently became its chair. Now, he’s stepping in to lead while the company begins looking for a permanent replacement.

Furthermore, a national search is already underway, and the board plans to hire a top recruiting firm to help with the process.

Q4 Earnings Beat Estimates, 2025 Outlook Falls Short

Kohl’s ended the fourth quarter with earnings and revenue that beat expectations, but the forecast for 2025 left investors wanting more.

Firstly, revenue for the quarter reached $5.18 billion, bringing the total for the year to $15.39 billion. Still, sales were down. Secondly, net sales dropped 9.4% in the fourth quarter, and comparable sales fell 6.7%. Then, for the whole year, net sales were down 7.2%, and comparable sales slid 6.5%.

Meanwhile, earnings per share came in at $0.43 for the quarter, or $0.95 on an adjusted basis. Then, for the year, adjusted earnings landed at $1.50 per share.

Lastly, looking ahead, Kohl’s expects revenue to fall by 5% to 7% in fiscal 2025. As a result, Analysts are expecting a rough stretch for Kohl’s. Several firms, including JPMorgan and Citi, have lowered their price targets, with some dropping them to as low as $5 due to ongoing sales challenges.

During the earnings call, CFO Jill Timm noted that most Kohl’s stores are performing well and remain profitable. She also mentioned that many store leases will be up for renewal in the next few years, giving the company a chance to reassess locations and make changes where needed.

Following that, Kohl’s will announce its Q1 2025 earnings on May 29 in a conference call at 9:00 a.m. ET.

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Plans to Shut Down 27 “Underperforming” Stores by April

Earlier this year, Kohl’s shared its decision to shut down 27 stores and cut nearly 10% of its corporate staff. At the time, the company said these closures were part of a broader effort to shape its long-term strategy while also adjusting to current business needs.

All affected employees were notified ahead of time. Because of these layoffs, Kohl’s is offering severance or the chance to apply for other positions within the company. Moreover, the company acknowledged the difficulty of the move and said they’re doing what they can to support staff through the transition.

Consequently, the closures will impact stores across 15 states. Here’s the full list:

Alabama

Spanish Fort – 21000 Town Center Ave.

Arkansas

Little Rock West – 13909 Chenal Pkwy.

California

Balboa (San Diego) – 5505 Balboa Ave.
Encinitas – 134 N El Camino Real
Fremont – 43782 Christy St.
Mountain View – 350 Showers Dr.
Napa – 1116 1st St.
Pleasanton – 4525 Rosewood Dr.
Point West (Sacramento) – 1896 Arden Way
San Rafael – 5010 Northgate Dr.
San Luis Obispo – 205 Madonna Rd.
Westchester – 8739 S Sepulveda Blvd.

Colorado

Arapahoe Crossing (Aurora) – 6584 S Parker Rd.

Georgia

Duluth – 2050 W Liddell Rd.

Idaho

Boise – 400 N Milwaukee St.

Illinois

Plainfield – 11860 S Route 59
Spring Hill (West Dundee) – 3000 Spring Hill Ring Rd.

Massachusetts

Stoughton – 501 Technology Center Dr.

New Jersey

East Windsor – 72 Princeton Hightstown Rd.

Ohio

Blue Ash – 4150 Hunt Rd.
Forest Park (Cincinnati) – 100 Cincinnati Mills Dr.

Oregon

Portland Gateway – 10010 NE Halsey St.

Pennsylvania

Pottstown – 351 W Schuylkill Rd.

Texas

North Dallas – 18224 Preston Rd.

Utah

Riverton – 13319 S 3600 W Ste 13LOT

Virginia

Herndon – 2100 Centreville Rd.
Williamsburg – 100 Gristmill Plz

Kohl’s News: What’s Next for Kohl’s After Recent Events

Kohl’s has had a rough stretch. Between leadership changes, falling sales, and store closures, the company has a lot to figure out. However, it’s too early to tell how things will play out. Still, the next few quarters should give a better idea of where Kohl’s is headed.

For now, the focus seems to be on trimming what isn’t working, keeping profitable stores strong, and finding steady leadership to guide the next chapter. At the same time, the company is adjusting its strategy to deal with current challenges. While change doesn’t come easily, Kohl’s is clearly trying to respond before things slip further.

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