Kohls quincy il closing4/19/2023 ![]() ![]() They have been undercut on prices by discount players from the bottom, and luxury stores at the top. (SHLDQ), JCPenney, Neiman Marcus and Barney’s have filed for bankruptcy in recent years. (CBDY) and discount clothing stores like TJMaxx. (AMZN), big-box chains that include Walmart ![]() The sector has been in decline for years under pressure from Amazon With more than 1,100 US stores and around $19 billion in annual sales, Kohl’s is the largest department store chain in the United States. The company will report quarterly earnings on August 18. Runaway inflation had sparked a “softening in consumer spending” and Kohl’s now forecasts sales will be down in the high-single digits for the second quarter. Kohl’s also lowered its sales outlook Friday. “They entertained Franchise Group as it was the least worst option and would have kept the company intact and some of the current management in place, but they will not likely mourn the termination of talks.” ![]() “Kohl’s management never really wanted to sell the business, favoring instead to follow their own strategic plans,” Saunders wrote. In an analyst note, Neil Saunders, managing director of GlobalData, said the sunken deal is “no great surprise.” Friday’s news sent Kohl’s stock sinking more than 15% in premarket trading. However, Franchise Group was lowered its offer price in recent days in light of the economy flashing warning signals. Stephen Zenner/SOPA Images/Shutterstockįranchise Group had proposed to buy Kohl’s for $60 a share, a hefty premium compared to the $36 a share it closed at Thursday. Shoppers enter a Kohl's store early in the morning on Black Friday in Maumee on November 27, 2020. ![]()
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