Latest news with #MichaelBender
Miami Herald
03-07-2025
- Business
- Miami Herald
Kohl's makes desperate move to keep customers away from rivals
Over the past few months, department store chain Kohl's (KSS) has had a rough time resonating with consumers as many battle inflation and a higher cost of living, which have had a major impact on sales. In its first-quarter earnings report for 2025, Kohl's revealed that net sales decreased by 4% year-over-year during the quarter. Don't miss the move: Subscribe to TheStreet's free daily newsletter Also, recent data from found that the average number of customers that visited Kohl's stores during the quarter dipped by 2.7% year-over-year. Related: Kohl's makes major store changes to win back customers Amid low sales, Kohl's decided to close 27 underperforming stores in 15 states, a move that was completed in April this year. During an earnings call in May, Kohl's Interim CEO Michael Bender said the company has noticed that some of its customers are "stressed" financially. "People are trying to figure out how to make sense of the dollars that they have to spend, and they're prioritizing where they want to put it," said Bender. Kohl's Chief Financial Officer Jill Timm also said during the call that middle- and low-income customers are "the most pressured," which is causing them to seek value and lower prices. She also said that Kohl's decision to shrink its in-store jewelry business, exit the petites business, and decrease inventory in proprietary brands contributed to a loss of customers. Image source:Amid these challenges, Kohl's has recently made a huge effort to win back customers, especially when it is facing a major threat from top competitors. Kohl's has announced "deep discounts" on family essentials in footwear, apparel, home, accessories, and back-to-school items through the return of its Summer Cyber Deals event, which will take place between July 7 and July 10, according to a new press release. Related: Dollar Tree raises red flag about unexpected customer behavior Kohl's said these discounts will be available in stores and online, and hundreds of "only-at-Kohl's" items will be priced under $20. The retailer is also offering free shipping on all online orders during this event. Some of the deals Kohl's is offering include T-shirts and tank tops starting at $5.99, 30% off backpacks and lunch bags, up to 40% off "leading brands" such as Adidas, Nike, and Under Armour for kids and babies, 50% off kitchen appliances, and 60% off bedding. In addition to steep discounts, Kohl's is offering all shoppers $10 in Kohl's Cash for every $50 they spend on qualifying merchandise. It will also roll out one-day deals on select products across beauty, apparel, home, etc. The move from Kohl's comes after Timm said during the May earnings call that the company realized it "disappointed" its core customer by excluding too many brands from its coupons. To fix this error, Kohl's vowed to add more brands back to these offers. "We are bringing products back into the coupon, so we do think being more promotional and having value orientation throughout the year is gonna be important, particularly because this middle-income customer that we serve is pretty stretched in today's environment," said Timm. More Retail: Costco quietly plans to offer a convenient service for customersT-Mobile pulls the plug on generous offer, angering customersAT&T makes generous offer to older customers Kohl's Summer Cyber Deals also appears to be a direct response to Amazon's Prime Day sales event, which will offer significant discounts to consumers on a wide range of products between July 8th and July 11th. Target, another rival of Kohl's, also recently announced that it will make back-to-school shopping "more affordable" for customers this summer by "maintaining last year's prices on must-have supplies." Target said that over 1,000 back-to-school items in its stores will be under $5. It will also roll out discounts for students and teachers through its Target Circle app. Related: Home Depot, Amazon, Starbucks suffer major boycott from customers The Arena Media Brands, LLC THESTREET is a registered trademark of TheStreet, Inc.
Bloomberg
13-06-2025
- Business
- Bloomberg
Kohl's CEO Tries to Reverse Record-Low Morale in Latest Address
Kohl's Corp. 's interim Chief Executive Officer Michael Bender tried to quell employee unrest during one of his first all-hands calls since replacing Ashley Buchanan last month. During the meeting, the company's Chief People Officer Mari Steinmetz said employee engagement was at its lowest in more than 15 years, according to a recording viewed by Bloomberg News that referenced a company survey. The retailer also told staff that a huge number of employees commented on the survey — some sharing concerns, according to a video recording viewed by Bloomberg News.
Business Journals
09-06-2025
- Business
- Business Journals
Five things you need to know today, and when is a house a home?
Happy Monday, Cincinnati! Here we are at the precipice of a new week. Let's jump into it. 1) Kohl's shutting down local facility, laying off nearly 800 National retailer Kohl's is closing its Middletown e-fulfillment center, which will result in the loss of 768 jobs. The center, open since 2001, is one of 14 the retailer has across the country. From interim CEO Michael Bender, 'Ultimately, it's a necessary step to strengthen our operational discipline, drive greater cost efficiency and ensure the long-term health of our business – for our customers, our associates and the future of our company.' 2) Developer details changes to $69M Covington riverfront project Silverman & Co. has shown off refined designs, which include additional residential units, for the largest announced project to date at the Covington Central Riverfront site. The developer is building 275 apartments on 1.3 acres across two blocks at the sprawling 23-acre site of the former IRS building. 3) One of Cincinnati's largest nonprofits seeks new CEO Kurt Reiber, CEO of the Freestore Foodbank, is going to retire next year after 15 years on the job. The nonprofit, the eighth-largest in the region, according to Courier research, is partnering with BroadView Talent Partners on a national search to find his successor. Do you like Five Things? Make sure to subscribe to our Morning Edition emails so you have it in your inbox each day. 4) Planning Commission acts on proposed Bengals tailgating parking lots One of the conditions the Bengals made to allow the Andrew J. Brady Music Center to be built at the Banks was that the former Hilltop concrete plant be demolished and redeveloped into a parking lot that could be used for tailgating on game days. That was supposed to be done by 2021. But just last week, the Cincinnati Planning Commission voted on a zoning change to move the project forward, albeit on what could only be a temporary basis. 5) See the latest progress of $260M upgrade to home of Cincinnati Open Finishing out this morning with Steve Watkins, who brings us the latest on the $260 million in upgrades to the Lindner Family Tennis Center in Mason, which is slated to be spiffied up in time for the 2025 Cincinnati Open tennis tournament. On the calendar Cincy Inno, a Business Courier sister pub, is hosting the Fire Awards at UC's 1819 Innovation Hub June 11. The event features the region's hottest startups. Get your ticket before it's too late here. This day in history 68: Roman Emperor Nero commits suicide, having his secretary Epaphroditos slit his throat to avoid a Senate-ordered execution by flogging. What I'm reading 'The Oligarch's Daughter' by Joseph Finder What I'm watching 'X-Men '97' on Disney+ Good stuff on Spotify 'Bath of Least Resistance' by NOFX What I'm playing Destiny 2 on PlayStation 5 When does a house begin to feel like a home? I can anticipate your criticism already: 'Again? Another column about moving?' 'We get it, you're moving, give it a rest.' I'll try to keep it short. And this will be the last one. I promise. I hope. Tomorrow is Moving Day. I followed the advice of many of you who took the time to write me and hired professional help, so the next real ordeal is in unpacking. I write this, sitting on the floor of my new family room in a house that is devoid of all furniture, having just had the Spectrum guy set up my internet. It still feels like a stranger's home. It smells like a stranger's home. I'm listening to the background noise of a stranger's life: Lawn mowers and leaf blowers employed by new neighbors I don't yet know. When does a new house begin to feel like home? Is it when you've unpacked and organized everything? When you're able to fit both cars inside the garage? When you've developed new routines? In year two when those routines begin to feel, well, routine? In my current (old) house, it happened so gradually that it went uncelebrated, unrecognized. One day it was just home. I spent a grand total of less than an hour in this house before getting the keys, between the first showing to the inspection to the final walkthrough. Of course it'll be an adjustment. But it's an adjustment I'm excited to make, the culmination of a two-year search that's now finally ended. Wish me luck tomorrow.
Yahoo
03-06-2025
- General
- Yahoo
Trump Administration hired a staffer working with Stephen Miller to wage war with Harvard
Michael Bender, New York Times Correspondent and Amanda Carpenter, Writer and Editor for Protect Democracy joins Nicolle Wallace on Deadline White House to discuss how the Trump Administration has escalated its feud with Harvard going so far to hire someone who was at one point a DOJ 'cooperating witness' working for the Harvard Law Review.
Yahoo
02-06-2025
- Business
- Yahoo
The top Black CEO in the Fortune 500 is steering $83 billion in revenue
Since 1955, Fortune has ranked the 500 largest U.S. companies by revenue and the comings and goings of the more than 2,000 CEOs who have led them. In that time, just 28 of those chief executives have been Black. The latest addition is Michael Bender, who was named CEO of Kohl's in early May. While the number of Black CEOs in the Fortune 500 has slowly ticked upward in the 70 years since the list's launch, representation remains sparse across corporate leadership. Black Americans make up 13% of all employees. Yet a 2021 McKinsey study found they account for just 7% of managerial roles and only 4% to 5% of senior management positions. In the 2025 Fortune 500, nine companies are led by Black CEOs, with only two of them being women. That's just 1.8% of the largest U.S. businesses, up slightly from 1.6% in both 2023 and 2024. Together, these nine companies generated $244.76 billion in revenue for fiscal year 2024. Topping that list is Lowe's, led by CEO Marvin Ellison. The home improvement giant ranked No. 52, employs 215,500 people, and reported $83.67 billion in revenue and nearly $7 billion in profits. Ellison, who became CEO of Lowe's in 2018, is the first Black executive to lead two different Fortune 500 companies, having previously helmed J.C. Penney from 2015 to 2018. His career began humbly, earning $4.35 an hour as a part-time employee at Target. In 2024, he earned $20.16 million in total compensation. Lowe's dropped three spots in the 2025 Fortune 500 ranking as economic pressures, housing market disruption, and tariff threats dented sales. Same-store sales dipped by 1.7% in the first quarter, but Ellison told investors that the company's tech investments and proactive strategies were helping Lowe's navigate market headwinds. In April, Lowe's acquired the design distribution and installation services provider Artisan Design for $1.33 billion. The move aims to deepen its presence in the professional homebuilder market and compete more directly with Home Depot as demand for DIY projects wanes. The company states that it has also diversified its supply chain to blunt the impact of tariffs: 60% of Lowe's supply purchases are now sourced domestically, while 20% come from China. Marvin EllisonPresident and CEO, Lowe'sRevenue: $83.67 billionThasunda Brown DuckettCEO, Teachers Insurance and Annuity Association (TIAA)Revenue: $46.95 billionChristopher WomackCEO, Southern CompanyRevenue: $26.72 billionCalvin Butler ExelonRevenue: $23.03 billion David BozemanCEO, C.H. Robinson WorldwideRevenue: $17.73 billionMichael BenderInterim CEO, Kohl'sRevenue: $16.22 billionRené JonesCEO, M&T BankRevenue: $13.45 billionDavid Rawlinson IICEO, QVC GroupRevenue: $10.04 billionToni Townes-WhitleyCEO, Science Applications International (SAIC)Revenue: $7.48 billion This story was originally featured on
