Kohl’s share falls on report that the sale process is unlikely to lead to trading (NYSE: KSS)

Kohl’s Corp. (NYSE: KSS) fell 1.6 per cent. in after hours trading after an announcement that the department store chain’s results for the 1st quarter may deter potential suitors from making offers.

A source familiar with the sales process told the NY Post that they were “shocked” by Kohl’s results, and the person did not think any acceptable bid would be offered to the dealer. A lending source at an unidentified bank also told the newspaper that the banks are not queuing up to finance a major acquisition in the current market environment.

The NY Post topic comes after the Women’s Wear Daily reported earlier Thursday that Kohl’s (KSS) may be leaning towards remaining independent. Kohl’s chairman Peter Boneparth is said to be opposed to the sale of the department store chain, according to the report, which quoted a well-known source.

The reports come after Kohl’s earlier Thursday said it expects “fully funded final bids will be submitted in the coming weeks.” The activist, who was pushing for the company to sell itself, received a blow last week when Kohl’s owners rejected all of Macellum’s 10 board nominees.

Late Wednesday, Kohl’s (KSS) announced that its chief marketing officer and chief merchandising officer were set to leave soon.

The NY Post reported late last month that Kohl’s received a $ 68 / share offer from Simon Property (SPG) and Brookfield Asset Management (BAM).