The earnings results from Best Buy and Kohl’s, announced Thursday, offer the latest evidence of consumers’ cautious spending amid a challenging economic environment.

Kohl’s reported on Wednesday that profits dropped nearly 60% on weak sales in the second quarter, joining a slew of retailers that are wrestling with shoppers’ cautious spending in a challenging economy.

Results from Macy’s, Kohl’s and Gap have further underscored the cloudy picture for U.S. retailers heading into the start of the holiday season.

Michelle Gass, CEO of department store chain Kohl’s, is stepping down from her role early next month and will become the president of denim giant Levi Strauss & Co. Levi’s said in a release that Gass will start on Jan. 2 and the board of directors has put in motion a succession plan for her to succeed Chip Bergh, president and CEO in the next 18 months.

Shares of Kohl’s are up more than 12% before the market open on Tuesday after the retailer announced that it is in exclusive takeover talks with the owner of Vitamin Shoppe.

(AP Photo/Alex Brandon, File)NEW YORK – The founder and CEO of MyPillow, who amplified President Donald Trump's claims of election fraud, said a backlash against his company has begun after a mob stormed the U.S. Capitol this month. Lindell has continued to push bogus claims of election fraud since Trump’s loss to President-elect Joe Biden in the presidential race. That has led people to flock to social media and put pressure on stores carrying MyPillow to drop the brand. “I stand for what’s right,” said Lindell, who created the MyPillow in 2004 and built the business in Chaska, Minnesota, southwest of Minneapolis. “I’m standing firm.”Aside from the retail pressure, Lindell is also facing potential litigation from Dominion Voting Systems for his accusations that their voting machines played a role in election fraud.

MyPillow CEO Mike Lindell said retailers including Bed Bath & Beyond and Kohl’s are removing his company’s products from their stores, according to a report from CNBC. Lindell has repeated false claims that President Donald Trump did not lose the election, according to the report. “I just got off the phone with Bed Bath & Beyond,” Lindell said during an interview Monday evening with the Right Side Broadcasting Network, according to CNBC. “They’re scared. Like a Bed Bath & Beyond, they’re scared.

DETROIT – The 2020 holiday shopping season will be very different due to the COVID-19 pandemic. Sept. 11, 2020: Michigan coronavirus (COVID-19) cases up to 110,832; Death toll now at 6,578Black Friday is so last year. Home Depot is one of many retailers that are passing on Black Friday deals. Amazon will start offering deals Oct. 26. Walmart, Target, Best Buy, Target, Kohl’s and other retailers have said they will remain closed on Thanksgiving due to the pandemic and the growth of online shopping.

An empty parking lot is seen at a temporarily closed Kohl's department store, Wednesday, April 29, 2020, in Havertown, Pa. Devastated by the coronavirus, the U.S. economy is sinking. (AP Photo/Matt Slocum)WASHINGTON The U.S. economy shrank at a 5.0% rate in the first quarter with a much worse decline expected in the current three-month economic period because of the coronavirus pandemic. That was the sharpest quarterly decline since an 8.4% fall in the fourth quarter of 2008 during the depths of the financial crisis. The first quarter decline reflected just two weeks of the shutdowns that began in many parts of the country in mid-March. Economists are forecasting a much bigger GDP drop of around 30% for the current April-June period.

The social media company will help Kohl's select clothing and homegoods' brands to sell in some stores. Facebook, using what it knows about the interests of its users, will work with Kohl's to identify trendy brands on Instagram and Facebook that have never before appeared in Kohl's stores or on its website. By using Facebook as a funnel for hip digital brands, Kohl's hopes to create an experience that customers can't replicate at rival stores. But it fits within Kohl's CEO Michelle Gass creative approach to refitting Kohl's for the online shopping era. Digital brands at department storesKohl's relationship with Facebook is a sign of online shopping bleeding further into physical stores.

TAYLOR, Mich. – Police are investigating after jewelry was stolen from a Kohl's in Taylor. Taylor police responded to the scene Sunday at 6:30 p.m. after a report came in about a smash-and-grab in the building. The first man was described as being a black man, 5 feet, 8 inches tall, wearing a black hoodie, black mechanic gloves and gray sweatpants. The second man was described as being a black man, 6 feet tall, wearing a black and gray hoodie with a blue stripe, orange gloves and black pants. The witness said the first man pointed at the jewelry counter and the second man used a hammer to smash the counter.