Kohl's tumbles on terminating sale talks with Franchise Group

Franchise

01/07/2022 12:55

(Updates)
    ** Shares of department store chain Kohl's Corp  KSS.N 
extend premarket losses, now down 21% to $29.5 
    ** Shares headed for more than 1-1/2 year low if losses hold
    ** Calls off sale talks with Vitamin Shoppe-owner Franchise
Group  FRG.O  after cut in offer price 
    ** In a filing, Co revealed that Franchise cut its offer to
$53/shr on June 27, after offering to buy co for $60/share
earlier this month [https://bit.ly/3bKGwOB
}
    ** "Given the environment and market volatility, the Board
determined that it simply was not prudent to continue pursuing a
deal" - Peter Boneparth, chair of Kohl's board  urn:newsml:reuters.com:*:nBwHs0HLa
    ** KSS now expects sales to be down in high single digits
for the second quarter from its previous forecast of a drop in
low single digits 
    ** Co is set to report Q2 results on August 18
    ** Up to last close, Kohl's stock down 27.7% this year

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