Kohl’s is an American department store chain founded in 1927. As of February 2013, it is the largest department store chain in the United States with 1,158 locations, operating stores in every U.S. state except Hawaii. In spite of its impressive size, Kohl’s is facing some serious financial trouble in 2020.
The first sign of trouble came in March, when Kohl’s announced that it was closing all of its stores due to the coronavirus pandemic. This was a devastating blow to the company, as all of its revenue comes from physical stores. In addition, Kohl’s had to lay off a significant number of employees.
Things got even worse in April when Kohl’s announced that it was suspending its quarterly dividend payments to shareholders. This was a clear sign that the company was in dire financial straits.
Then, in May, Kohl’s announced that it was closing 18 stores permanently due to the pandemic. This was yet another blow to the company, as it now had even fewer sources of revenue.
So far, 2020 has been a tough year for Kohl’s. The company is clearly struggling financially and it remains to be seen if it will be able to turn things around.
