Kohl’s (NYSE: KSS) shares climbed 15% on Wednesday, amid speculation that it could be bought out, despite the disappointing earnings report it disclosed recently. According to a report made by Reuters, bidders are preparing to make official offers. Kohl’s CEO, Michelle Gass, expressed her content with the interested parties.
“Kohl’s began with roots as a brick-and-mortar company, and these 60 years of experience have set the company up to become a leading omnichannel retailer,” said Mark Griepentrog, Kohl’s chief property officer. “Our strong and productive off-mall store base can continuously evolve with our customer’s expectations and demand, and we see substantial opportunities to leverage our real estate in producing long-term growth.”
Nevertheless, retail stocks have been impacted in recent days, amid the continuous market volatility and inflation. Representatives from Kohl’s and sycamore have refused to comment on the after at this time.
Kohl’s had previously rejected an offer made by Starboard Value-backed Acacia Research, of USD64 a share. However, according to Reuters, several bidders are willing to go up as high as USD70 a share.