“The board has failed to help develop and oversee a strategic plan to respond to a rapidly-changing retail landscape,” the investors said.
The layoffs will “further align [Kohl’s] cost base in response to the business impact resulting from the COVID-19 pandemic."
Gardner Denver, Investview, Kohl’s, LyondellBasell, Unique Fabricating, Spartan Motors, 2U, Spectrum Brands Holdings, Penn National Gaming
The company’s CEO remains optimistic about the retailer’s future.
"The rising tide of the economy is not floating all retail boats,” an analyst says of the department store chains' disappointing sales growth.
The retailer has been one of Wall Street's hottest stocks this year but investors may be jittery over promotional spending for the holiday season.
The retailer benefited in Q2 from the closures of rival department stores and its efforts to downsize its own locations.
Martin Marietta Materials, Kohl’s, Wesco Aircraft Holdings, SpartanNash, Fortune Brands Home & Security, CDK Global, Callon Petroleum, Calix
Under pressure from investors, the grocer is attempting to rebound from seven consecutive quarters of declining same-store sales.
But the retailer's net sales declined for a fourth straight quarter due to declining traffic in its brick-and-mortar stores.
Specialty department store Kohl's has its corporate credit rating cut to BBB-, the lowest investment-grade rung.
The retailer posted a 2.1% same-store sales decline, and lowered earnings guidance, as it continues to struggle with the shift to online shopping.
