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Shoppers walk in front of a Kohl’s store in Mount Kisco, New York.
Scott Mlyn | CNBC
Kohl’s said Tuesday that it’s teaming up with the owner of Babies R Us to bring baby gear, furniture and more to approximately 200 of its stores across the country.
The retailer struck a deal with WHP Global, a brand management firm with a portfolio that includes Bonobos, Joe’s Jeans and Anne Klein. The two companies did not disclose the terms of the agreement.
In a news release, Kohl’s said the first Babies R Us shops will open this August and expand to more stores in the fall. Kohl’s said the shops will range from 750 to 2,500 square feet, and will add more brands and merchandise to Kohl’s baby category. The retailer already carries baby clothes and items from brands including Graco, Carter’s and Fisher-Price.
With the move, Kohl’s is adding another potential growth driver to its stores. It’s been trying to turn around declining sales and attract more customers while led by its new CEO Tom Kingsbury, the former CEO of off-price chain Burlington Stores. Kohl’s former CEO Michelle Gass left the company in late 2022 to eventually take over the top role at Levi Strauss after intense pressure from activists and a failed effort to sell to the Franchise Group, owner of The Vitamin Shoppe.
Kohl’s shared the news as it reported its holiday-quarter quarter earnings results.
WHP Global has a similar deal with Macy’s, which has opened Toys R Us shops inside of many of its stores.
As of Monday’s close, Kohl’s shares have fallen about 5% so far this year. That’s trailed behind the approximately 7% gains of the S&P 500 during the same period. Kohl’s shares closed on Monday at $27.19, bringing the company’s market value to $3.01 billion.
This is breaking news. Please check back for updates.
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