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• Bidders plan to lower their offers by at least 10% to 15%
Kohl’s Corp (NYSE: KSS) is getting binding offers lower than indicative bids amid disappointing quarterly results.
Reuters reported that bidders plan to lower their offers by at least 10% to 15%.
Bidders include private equity firm Sycamore Partners, brand holding firm Franchise Group and a duo of Simon Property Group and Brookfield Asset Management, according to a Reuters report.
The retailer had rejected an offer from Starboard Value-backed Acacia Research in January of $64 per share for being too low.
Shares of the company were trading at $36.81 on Wednesday, down 40% this month.
Some bidders were willing to spend $70 per share earlier this year but investors have backed off due to economic uncertainty.
US retailers are facing challenges due to rising inflation, supply chain constraints and shift in consumer spending.
Picture Credits: Getty Images
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