Kohl’s has revised its annual sales forecast, projecting a steeper decline than anticipated after a weak third quarter. The announcement follows news that CEO Tom Kingsbury will step down in January after less than two years in the role, with Michaels chief Ashley Buchanan set to take over. Kohl's stock has plummeted roughly 36% this year as budget-conscious consumers cut back on clothing and footwear purchases, long staples of the retailer’s business. As the critical holiday shopping season approaches, Kohl’s may face tough competition from "deal-heavy rivals" like Amazon and Walmart, according to CNBC.
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