People walk near the entrance to Kohl’s department store on June 7, 2022 in Doral, Florida.
Joe Raedle | beautiful pictures
Kohl’s said Siobhan Mc Feeney, who has been with Kohl’s since January 2020 and most recently served as executive vice president of the retailer’s technology division, will begin taking on the role of chief technology officer. effective immediately.
Kohl’s executive vice president of supply chain operations will now report to CEO Michelle Gass, a company spokeswoman told CNBC.
Kohl’s did not give a reason for Gaffney’s departure in its 8-K filing with the Securities and Exchange Commission. Gaffney was not available for comment immediately.
News of Gaffney’s passing came only about two weeks later Kohl’s announces end of negotiations to sell its business, said that the retail environment had deteriorated significantly since the start of the months-long bidding process. Kohl’s has narrowed down the list of potential bidders for the owner of The Vitamin Shoppe Franchise group.
Kohl’s also at the end of June cut its outlook for the fiscal second quarter, citing softer consumer spending amid decades of high inflation. It now sees sales decline at a high level, compared with its previous forecast of a low single-digit drop from last year.
Retailers including Kohl’s continue to face supply chain complexities as the costs of shipping goods from abroad weigh on profits and as resources include truck and pallet drivers to move goods. inventory is still scarce.
The move has a backlog of shipments and means that many retailers are receiving orders weeks or even months after they had expected. Challenges will likely persist throughout the all-important holiday season.
Kohl’s shares closed Friday at $28.23, down more than 42% year-over-year.