Shares of Kohl’s Corp. fell toward an 18-month low in premarket trading Wednesday, after the department-store chain said it plans to increase its investment in its stores through new opening, remodels and enhanced omnichannel capabilities. The company said Sephora will be in 850 stores by 2023 and that it plans to open 100 new small format stores over the next four years. The company believes the new-store growth represents asales opportunity of more than $500 million. Kohl’s, which has rejected buyout offers, has recently said it continues to review strategic alternatives, with additional “actionable bids” coming due within weeks. The stock, which closed Tuesday at the lowest price since Nov. 30, 2020, has tumbled 26.8% year to date, while the S&P 500 has lost 17.3%.
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