Levi's said Tuesday in a release that Gass will start on
Bergh joined Levi Strauss's helm in
Kohl's said in a separate release that Gass plans to step down on
The moves come as Kohl's have been under pressure by activist investors to shake up management amid weak sales.
Kohl’s announced preliminary figures for its third-quarter period. It said that same-store sales will be down 6.9%, while net sales will be down 7.2 % compared to the year-ago period. The company is expected to release its results on
Kohl’s struggled with anemic sales before the pandemic. Sales and profits rebounded in 2021, but the department store is now battling higher costs and a pullback from its price-conscious shoppers who are being more cautious with their spending in the face of rising prices for gas, food, and just about everything else.
In July, Kohl's called off buyout talks with
In August, the Menomonee,
“It is unsurprising that
But Saunders said that despite presiding over sales declines, Gass did improve fashion assortments and helped oversee a key partnership with
Saunders, however, added that Kohl's needs to find a permanent replacement as quick as possible as retailers face a challenging year.
Ancora owns 2.5% of outstanding shares in Kohl's and had pushed for the removal of Gass and Chairman
“Ancora has been a long-term shareholder of Kohl’s and believes that under the right leadership, the company can be a source of tremendous value for investors, customers, suppliers and employees, " said
Shares of Kohl's gained more than 8%, or
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