Retail sales fall below expectations
Sycamore Partners has reached out to Kohl’s Corp. about a potential takeover offer, according to people familiar with the matter.
It’s unclear how much Sycamore is willing to pay for the company, the people added. The people asked not to be identified because the matter is private.
The potential bid comes at a time when Kohl’s is also fielding a US$9 billion offer backed by Starboard Value LP through its affiliate Acacia Research Corp, Bloomberg News reported Friday.
A representative for Sycamore declined to comment while a representative for Menomonee Falls, Wisconsin-based Kohl’s couldn’t immediately be reached for comment.
Kohl’s management is under fire from activist investor Macellum Advisors, which has been urging Kohl’s to make board changes or consider a sale in a letter to shareholders in recent weeks.