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“Kohl’s braces for bidders to slash takeover offers: report” Bidders competing to acquire Kohl’s are preparing to make binding offers that are lower than the indicative bids they submitted earlier this year to reflect the market downturn and the retailer’s deteriorating business, people familiar with the matter said. The bidders, which include private equity firm Sycamore Partners,…
“NYC Mayor Adams issues state of emergency to prevent baby formula price gouging” Mayor Eric Adams issued a state of emergency Sunday in hopes of curbing price gouging amid the baby formula shortage. “The nationwide infant formula shortage has caused unimaginable pain and anxiety for families across New York — and we must act with…
“Kohl’s sales process is a ‘disaster’: sources” Dismal financial results at Kohl’s have raised concerns that the company’s auction to sell itself will be a bust – even as management continues to tout the strong interest by potential suitors, The Post has learned. The bids are due in “the coming weeks,” Kohl’s affirmed on Thursday…
“Kohl’s cuts annual forecast as it gets stung with inflation” Kohl’s Corp. cut its annual earnings and sales forecast, as the department store chain joins a string of retailers stung with soaring inflation. The reduction, announced Thursday, came as it reported fiscal first-quarter results that came below analysts’ expectations. Sales at stores opened at least…
“Target shares headed for worst day since crash of 1987” Target took a big hit from higher costs during the first quarter despite brisk sales and shares appeared headed for their most severe selloff since the Black Monday market crash of 1987. Profits for major retailers has come under pressure from both surging inflation and stubborn clogs…
“NYC moves to crack down on fast delivery apps’ ‘dark stores’” Mayor Eric Adams is moving to crack down on the proliferation of warehouse-like spaces that grocery delivery apps have created inside former Big Apple storefronts – ordering them to allow customers to shop there or move to the outskirts of the city, The Post…
“Under Armour shares tank after surprise loss, profit warning” Under Armour forecast full-year profit below estimates on Friday, as the sportswear maker grapples with higher transportation costs and a hit to its business from renewed COVID-19 curbs in China. Shares of Under Armour tumbled over 21% in premarket trading, as the company also reported a surprise loss and…
“Clorox, P&G, Kraft boost defenses against generic brands” The makers of brand-name products such as Tide detergent and Kraft Macaroni & Cheese are bolstering their defenses against store-brand rivals like Walmart’s Great Value products as shoppers’ budgets start to show signs of strain due to persistent inflation. Executives at Clorox said they have seen private-label rivals make…
“Best Buy recalls 772K Insignia air fryers over fires, melting” Best Buy is recalling 772,000 Insignia air fryers and air fryer ovens in the US and Canada following more than 100 reports of the products catching fire, burning or melting. The recall covers approximately 635,000 Insignia Digital Air Fryers, Insignia Analog Air Fryers and Insignia Digital Air…
“We’re Trader Joe’s workers and there are some items you shouldn’t buy” Trader Joe’s employees have warned customers to avoid the frozen food section and to buy their fruit and vegetables from elsewhere. Four unnamed workers revealed a list of products that shoppers shouldn’t buy when visiting their local store. One worker said the frozen…