(AOF) – Negotiations on the takeover of the distributor Kohl’s by Franchise Group have ended. Franchise Group had offered a buyout worth $60 per share, subject to due diligence. Kohl’s ended Thursday at $35.69. Kohl’s board of directors explained the current market conditions and increasing credit market stress were not favorable to a transaction.
Kohl’s board of directors reaffirmed its commitment to an accelerated $500 million share buyback program following the announcement of second-quarter results. The company also discussed its partnership with beauty retailer Sephora and plans to open 100 smaller stores as part of a business growth plan.
For its second quarter, the group expects sales growth down 5% and 10%, against 0% and 5% previously. The FactSet consensus gives revenue of $4.127 billion, down 2.3%.
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The explosion of “dark stores”
Eight players have entered the express delivery niche. The pioneers – the French Cajoo, the British Dija or the Germans Flink and Gorillas – must now face the Turkish Getir and the Russian Yango Deli. These players compete in speed to open “dark stores”, surfaces of 300 to 400m
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on the ground floor where the orders are prepared. Sign of the vitality of this activity, the Turkish Getir raised in June 2021 460 million euros, which values the company 6.3 billion, or almost half of the valuation of Carrefour… Traditional distributors react: Carrefour has acquired a stake in Cajoo and 900 of its stores also offer express shopping delivery (between 20 and 40 minutes).