2 major retailers plan to shutter dozens of struggling stores

Kohl's joined Macy's on Thursday in announcing dozens of store closures.

Kohl's on Thursday afternoon said it would close 27 stores, Axios reported. That announcement followed Macy's own earlier in the day that it would shutter 66 more stores this year.

Kohl's is trying to avoid bankruptcy, according to the report.

"As we continue to build on our long-term growth strategy, it is important that we also take difficult but necessary actions to support the health and future of our...