Kohl's is closing stores

Add another retailer to the list of those closing stores. Kohl's (NYSE:KSS) announced it would shutter 18 underperforming units this year in an attempt to cut costs and balance brick and mortar with the digital storefront.

The locations have yet to be announced, but the stores collectively contribute less than 1 percent of the company's sales, according to CEO Kevin Mansell.

"We need to really place our bets on the things that are working and acknowledge where we have assets or resources in things that are not working as well," Mansell told the Milwaukee Journal Sentinel.

Those resources include Kohl's new small store initiative, with seven locations slated for 2016, and the new Off-Aisle discount outlets. The pilot Off-Aisle location opened last year, and two more will be added this year in its home state of Wisconsin. There are also plans to open 12 Fila outlet stores in collaboration with that brand.

Kohl's launched its turnaround plan in 2014, dubbed the "Greatness Agenda." Since then, the company has added more national brands, developed new formats and revamped digital capabilities, including a new mobile app and digital wallet.

"We believe that the strategic framework of the 'Greatness Agenda' is working as evidenced by our achievement of five consecutive quarters of positive comparable sales increases," Mansell said in a statement. "I am particularly encouraged by the 4 percent increase we saw between Thanksgiving and Christmas."

Kohl's reported an increase of 0.8 percent for the fourth quarter and 1 percent for the recently ended fiscal year.

For more:
-See this Journal Sentinel article
-See this Kohl's financial release

Related stories:
Kohl's cuts 3 executive positions
Kohl's opens New York showroom
Kohl's could go private
Kohl's shoppers place 3 million digital orders
Kohl's No.1 on social media

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