Kohl’s stock bounces around after conflicting reports on sale

Shares of Kohl’s Corp.
fell more than 10% in the extended session Thursday after the New York Post reported that the retailerpushed back this week’s deadline for bids after several potential buyers abandoned the idea, then reversed to gains of more than 6% after a conflicting report from The Wall Street Journal. The Post report cited “multiple sources” familiar with the matter saying that the entire process would be delayed, while the Journal report, also citing multiple anonymous sources, said that the Kohl’s board would meet to discuss the bids “in the coming days.” Kohl’s two weeks ago reported a wide profit miss for its first quarter, saying that sales had weakened in April thanks to “macro headwinds” and “an inflationary consumer environment.” Kohl’s has faced off with an activist investor, but last month its board was reelected and calls for an overhaul were rejected. Shares of Kohl’s ended the regular trading session up 2.4%.


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