Kohl's hit with stock downgrades after takeover talks fail

Kohl's department store, which terminated takeover talks with Franchise Group -- owner of Vitamin Shoppe — saw its first stock downgrades Thursday since buyout negotiations failed.

Wisconsin-based Kohl's, established in 1962, has an outlet on Shirley Drive in Cape Girardeau.

Takeover talk, according to Barron's, had buoyed Kohl's for much of the first half of 2022, but reduced earnings forecasts plus a "worrisome outlook" for consumer spending led Franchise Group to scale back its offer.

Kohl's operates more than 1,100 stores in 49 states — with 27 outlets in Missouri, according to www.kohls.com.

Kohl's is named for Matthew Kohl, a Polish immigrant who came to the U.S. and opened a grocery store in 1927 in Milwaukee. In the early 1960s, the company branched out by opening its first department store.

National Retail Federation reported Kohl's was No. 27 in total retail sales in 2021 at $18.5 billion.

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