Kohl’s Stock Spikes on Report Bidders Still Competing for Company Amidst Market Volatility

Kohl’s logo is displayed outside a Kohl’s store on January 24, 2022 in San Rafael, California.

Justin Sullivan | Getty Images

by Kohl the shares were up more than 15% on Wednesday after being briefly stopped in hopes that the dealer could still be bought following recent market volatility and a recent disappointing earnings report.

A Reuters report says bidders competing to buy Kohl are preparing to place binding bids, albeit lower than indicative bids. Kohl had said last week that the fully funded offers would be due in the coming weeksand the managing director Michelle Gass said she was “satisfied” with the interested parties.

But retail stocks have taken a hit in recent days, amid broader market volatility, as do quarterly reports from numerous retailers, including Walmart, Abercrombie & Fitch Other by Kohl revealed the shift in consumer behaviors between 40-year high inflation and rising inventory levels.

Reuters reported Wednesday, citing people familiar with the matter, that bidders, including private equity firm Sycamore Partners, the brand holding Franchise Group, as a pair of shopping center owners. Simone real estate group Other Brookfield Asset Management – plan to reduce your bids by at least 10% to 15%.

A Kohl representative did not immediately respond to CNBC’s request for comment. Representatives from Sycamore, Franchise Group, Simon and Brookfield were also not immediately available.

This story is developing. Please check back for updates.