Kohl's sinks after shelving sale, cutting revenue forecast

Franchise

01/07/2022 16:03

(Updates)
    ** Shares of Kohl's Corp  KSS.N  fall as much as 21.4% to an
over 1-1/2-year low of $28.08 
    ** KSS calls off its sale to Franchise Group  FRG.O  after
months of negotiations, citing sinking markets and difficult
financing conditions  urn:newsml:reuters.com:*:nL4N2YI0RF
    ** Co now expects Q2 sales to be down in high single digits,
compared with its previous forecast for a drop in low single
digits, due to a slowdown in consumer demand 
    ** Facing activist pressure to pursue a sale, KSS had
negotiated for hundreds of hours with dozens of interested
parties including Sycamore Partners and Canadian department
store Hudson's Bay Co  urn:newsml:reuters.com:*:nL4N2YA2TI 
    ** KSS last down 20.8% and set for fifth straight session of
losses; Stock on course for biggest one-day pct fall on record,
if current losses hold 
    ** Stock down nearly 43% this year, while rivals Macy's Inc
 M.N  and Nordstrom  JWN.N  down ~33% and ~10%, respectively 

 (Reporting by Nandhini Srinivasan and Uday Sampath in
Bengaluru)
 ((Nandhini.srinivasan@thomsonreuters.com))