Kohl's Spinning in Circles
WSJ had an interesting quote last week: "New Kohl's CEO hired to undo the actions of the old CEO." Well, the old CEO had layoffs and cut stores.
The new CEO? Just had layoffs and cut stores. Corporate workforce reduced by 10%, which ... I hate to say they will probably not be missed if they have been the ones determining strategy. 27 stores + a fulfillment center will also be closed.
Question: What do you call a shuttered Kohl's fulfillment center?
Answer: A warehouse of broken dreams 😅
What about the incoming CEO? The new CEO Ashley Buchanan previously built a marketplace for Michael's which ... went so well he immediately left before he got left holding the bag. I worry for Kohl's if this is the thinking. A Lowe's Marketplace I can see, but Michael's? Meh.
Stop me if you've heard this before:
A chain of old school stores with an increasingly questionable reason to exist whose real estate is more valuable than the chain itself in drastic need of turnaround. Send help fast.
Should Kohl's ultimately be combined with Macy's and be re-named Mohl's?
These cuts are not even the tip of the iceberg. Yes they should be able to walk and chew bubble gum but who is the consumer? Why do they walk in the door?
All these things are unclear and unexplained.
