President Obama and his liberal minions desperately want us to believe that the American economy is stronger than ever, but stories like this prove that is not the case at all.
According to Conservative Tribune, the Kohl’s department store chain announced last Thursday that they will be closing 18 of their retail locations. The announcement coincided with the release of a report that said Kohl’s profits dropped dropped 20 percent in the fourth quarter of the last fiscal year. The report also said that they expect sales to remain flat this year.
Kohl’s will announce which stores they will close later on in March, and they expect the cuts will save the company upwards of $45 million, roughly equivalent to 1 percent of sales.
“While the decision to close stores is a difficult one, we evaluated all of the elements that contribute to making a store successful, and we were thoughtful and strategic in our approach. We are committed to leveraging our resources on our more productive assets,” read a statement from Kohl’s CEO Kevin Mansell.
Kohl’s is just one of many store chains that are struggling to survive by closing their locations in masses. Some of the other struggling stores include JCPenney, Macy’s, Sears, and of course Walmart.
Unfortunately, this is Obama’s America that we are living in, so we can’t expect the economy to start getting better until he leaves office.