Kohl's announced today that it will close 18 underperforming stores in 2016.

The specific locations will be announced by the end of March.

The closures are expected to generate annual savings of approximately $45 million and annual depreciation savings of approximately $10 million.

"While the decision to close stores is a difficult one, we evaluated all of the elements that contribute to making a store successful, and we were thoughtful and strategic in our approach. We are committed to leveraging our resources on our more productive assets," said Kevin Mansell, Kohl's chairman, president and chief executive officer.

"Importantly, we also wanted to provide the best options for our associates and are proud that every affected store associate will be offered a position at a nearby Kohl's location, or if they prefer, a competitive severance package."