It offered $60 a share for Kohl’s stock, bringing the total deal value to around $8 billion. Kohl’s operates or owns over 1100 department stores in 49 states across the US.
Annual sales are estimated to be around $18 billion. FRG is a firm based in the United States that owns and operates retail franchises.
According to The Wall Street Journal, Kohl’s has been looking for a buyer for a long time since it can’t recover on its own from the sales downturn caused by the COVID-19 outbreak and rigorous lockdowns.
Even the start of a retail market recovery in the United States in 2022 hasn’t helped the company regain its market capitalization, which has dropped by half since 2018.
source: wsj.com
