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.

(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.

ROANOKE, Va. Count Kohls among the nationwide retailers who will not be open this Thanksgiving. The retail giant made the announcement on Wednesday, with CEO Michelle Gass saying, The holiday season is when Kohls shines brightest, and as we move into the holiday season of this very unusual year, we are adapting our plans in response to changing customer expectations and behaviors.We are deeply appreciative of how our team of Kohls associates have shown up to serve our customers through this pandemic and know that they will continue to show Kohls at our best throughout the holidays, continued Gass. Kohls said it made the decision given the importance of safety and convenience. Other retailers who will not be open on Thanksgiving Day include Best Buy, Dicks Sporting Goods, Target and Walmart. Best Buy announced its plan earlier on Wednesday.

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.