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Kohl"s plummets 20% as the retailer ends talks with Franchise Group for $8 billion buyout

Kohl's ended the talks late Thursday, though it said in a release that it is still open to other opportunities to create value for shareholders. John Raoux / AP Images Kohl's shares sank 20% after the retailer announced it ended talks with Franchise Group to be acquired.  The company also lowered its sales forecasts for the second quarter.  Kohl's said in a press release that it is still open to talks with other potential buyers.  Kohl's stock sank 20% on Friday after the company announced it ended talks to sell itself to Franchise Group.Shares were trading at $28.24 as of 10:25 a.m. ET, down from yesterday's close of $35.71."Despite a concerted effort on both sides, the current financing and retail environment created significant obstacles to reaching an acceptable and fully executable agreement," Kohl's Board Chair Peter Boneparth said in a statement. The company also said it was lowering sales forecasts for the second quarter, as it becomes the latest big retailer to struggle with high inflation and ebbing customer demand. Consumers slowed their spending for the first time this year in May, and the US Consumer Confidence Index tumbled 4.5 points in June. The scuttled deal comes nearly a month after negotiations with Franchise Group, which considered lowering its offer for Kohl's from $60 a share to $50 last week, a source familiar with the matter told CNBC. Kohl's also rejected Starboard Value Group's offer earlier this year, the Wall Street Journal reported, with the retailer stating that Starboard's bid of $64 a share was too low.The end of talks with Franchise Group, whose initial offer would have resulted in a buyout of $8 billion, is a blow to Kohl's investors, who have been pressuring the retailer to sell for months. In January, activist firm Macellum Advisors demanded the company to either make significant adjustments or sell itself."Macellum suspects that there are a number of well-capitalized financial sponsors interested in Kohl's. We have also heard that the board and its representatives have been approached and rebuffed overtures from credible buyers," the firm stated in a letter to shareholders. "This is unacceptable and, if true, would seem to constitute a meaningful breach of the Board's fiduciary responsibilities." Even after the latest talks ended without a deal, Kohl's said in a press release Friday that it is open to other potential buyers, adding it would consider other opportunities that could "maximize value for shareholders".Read the original article on Business Insider.....»»

Category: topSource: BUSINESSINSIDER26 min. ago Related News

How to get a personalized "Stranger Things" playlist on Spotify, filled with songs to help you escape the Upside Down

A new Spotify feature lets you make a "Stranger Things"-themed "Upside Down Playlist," which could help you escape the show's villain Vecna. Music plays a major role in "Stranger Things" season four — perfect for a Spotify playlist.Netflix A new Spotify feature lets you make a "Stranger Things"-themed "Upside Down Playlist." Like in the show, Spotify's "Stranger Things" playlist puts together all your favorite songs that would help you escape Vecna and the Upside Down. This article contains minor spoilers for the fourth season of "Stranger Things." Spotify is the most popular music streaming app in the world, and the Netflix show "Stranger Things" has an undeniably iconic soundtrack. So it only makes sense to mix the two together — and with Spotify's new Upside Down Playlist feature, it's finally happened.Here's how the Upside Down playlist works, and a quick guide on how to make your own.Spotify's 'Stranger Things' playlist helps you escape the Upside DownIn the fourth season of "Stranger Things," the town of Hawkins is ravaged by a murderous monster from the Upside Down called Vecna. Once Vecna has you trapped, the only way to escape his slimy clutches to hear your favorite song — for the character Max Mayfield, that song was Kate Bush's "Running Up That Hill."If you ever wondered what song could break you out of the Upside Down, Spotify can help. They've made every user a personalized Upside Down playlist, filled with all your favorite songs. It'll also include songs you haven't heard before but might like, and select tracks from the "Stranger Things" soundtrack. Every playlist is 50 tracks long, or about two to three hours — more than long enough to run away from Vecna in dramatic slow-motion.How to make your Upside Down playlist on SpotifyBefore anything, make sure you're logged into Spotify, either in the app or on the website. The feature is available to all users, whether you're signed up for Spotify Premium or not.Once you're logged in, head to this link. It'll open up in your Spotify app and give you the 50 songs that will save you from the Upside Down.Your Upside Down playlist has songs you like, songs Spotify thinks you might like, and songs from "Stranger Things."SpotifyTo save the playlist so you can find it again later, click or tap the big heart icon. This will "Like" the playlist and add it to your Spotify Library.Read the original article on Business Insider.....»»

Category: topSource: BUSINESSINSIDER26 min. ago Related News

Conservative Party suspends Chris Pincher MP pending investigation into claims he drunkenly groped two men

Several Conservative MPs had called for Chris Pincher, who was deputy chief whip, to be suspended amid the allegations. Chris Pincher in Downing Street.Aaron Chown/PA Images via Getty Images Chris Pincher was suspended from the Conservative Party, pending an investigation into groping claims. The former deputy chief whip resigned Thursday night but had not been removed from the party. On Friday, Boris Johnson agreed to suspend him following mounting pressure from MPs. Chris Pincher has been suspended from the Conservative Party as an investigation takes place into claims he drunkenly groped two men this week. The former deputy chief whip apologised and resigned on Wednesday, but had retained the whip, meaning he was able to continue sitting as a Tory MP. But following widespread pressure from colleagues Chris Heaton-Harris, the Tory chief whip, on Friday suspended Pincher pending the investigation. A spokesperson for Heaton-Harris said: "Having heard that a formal complaint has been made to the ICGS, the PM has agreed with the Chief Whip that the whip should be suspended from Chris Pincher while the investigation is ongoing. "We will not pre-judge that investigation. We urge colleagues and the media to respect that process."Earlier on Friday,two female Tory MPs wrote to Heaton-Harris calling for a zero-tolerance approach to claims of sexual misconduct, including that against Pincher, and asking for MPs to be suspended if they are awaiting sexual-misconduct investigations.Karen Bradley, a former Cabinet minister and chair of the procedure committee, and Caroline Nokes, a former Home Office minister, called for "a thorough investigation is carried out in each and every case". They added: "Once an investigation has been completed, a decision should be taken about returning the whip, but in the meantime, anyone subject to such an investigation should not be allowed to sit as a Conservative MP and represent the party in any capacity."Separately, another male Conservative MP was arrested on suspicion of "indecent assault, sexual assault, rape, abuse of position of trust, and misconduct in public office," in mid-May.Pincher has been replaced in the whips' office by Kelly Tolhurst, a former housing minister and junior whip.Angela Rayner, Labour's deputy leader, said: "Boris Johnson has been dragged kicking and screaming into taking any action at all. "He just can't be trusted to do the right thing. This whole scandal is yet more evidence of his appalling judgement. "It's time for Conservative MPs to show this chaotic Prime Minister the door before he can do any more damage."Read the original article on Business Insider.....»»

Category: topSource: BUSINESSINSIDER26 min. ago Related News

Biden to award 17 Presidential Medals of Freedom, including to Steve Jobs, John McCain, Simone Biles, Gabriel Giffords, and Denzel Washington

The president will award the nation's highest civilian honor to a mix of business luminaries, celebrities, and athletes both living and deceased. President Joe BidenPhoto by MANDEL NGAN/AFP via Getty Images Biden will award the nation's highest civilian honor to the likes of Steve Jobs and John McCain. He will present 17 Presidential Medals of Freedom to both living and deceased luminaries next week. Among the other notable names are: Olympian Simone Biles, actor Denzel Washington, and civil rights icon Diane Nash. The White House announced that President Joe Biden will award 17 Medals of Freedom next week, among the notable names are Olympian Simone Biles, Oscar-winner Denzel Washington, and former Congresswoman Gabrielle Giffords.This will be Biden's first time awarding the nation's highest civilian honor.Three of the medals will be awarded posthumously, including to Sen. John McCain and Apple co-founder Steve Jobs.McCain and Biden were close friends dating back to McCain's time as a military liaison to the Senate in the 1970s. The Republican famously refused to endorse Trump in 2016 and later dealt a decisive blow to Trump's efforts to repeal Obamacare. Trump continued to ridicule McCain even after his death. Cindy McCain, the late-senator's wife, endorsed Biden during the 2020 election. In 2021, Biden named her to an ambassador-level post at the U.N. Agencies for Food and Agriculture in Rome.One other Trump critic is on the list. Khizr Khan received national attention for his 2016 Democratic National Convention speech blasting Trump for pushing anti-Muslim rhetoric. Khan's son, Capt. Humayun Khan, was killed in action in Iraq. Trump spent days attacking Khan after the speech, leading Republicans to bemoan his barbs against a Gold Star family.Seven presidents have received the medal: Presidents Ronald Reagan, Gerald Ford, Jimmy Carter, and George H.W. Bush all received the honor in their respective lifetimes. While LBJ and JFK received it posthumously. Biden himself is a past Medal of Freedom recipient. President Barack Obama awarded him the medal with distinction, an added element to the honor, in 2017 just before Trump took office. Obama awarded 123 medals over his two terms, the most in history. Trump bestowed 24 medals, most of which went to athletes like golf phenom Tiger Woods, basketball legend Jerry West, and even Babe Ruth. Patriots coach Bill Belichick, who has won the most Super Bowls of any coach, turned down a Trump Medal of Freedom after the January 6, 2021, attack on the Capitol.Here is the full list of Biden's first class of Medal of Freedom recipients:Olympian gymnast Simone BilesSister Simone CampbellFormer University of Texas at Brownsville President Dr. Julieta GarcíaFormer Congresswoman Gabrielle GiffordsFormer Alabama state Rep. and civil rights icon Fred GrayApple CEO Steve JobsFormer Vicar General of the Greek Orthodox Archdiocese of America Alexander KarloutsosGold Star father and activist Khizr KhanNurse Sandra LindsayFormer Senator John McCainCivil rights leader Diane NashOlympian and World Cup champion Megan RapinoeFormer Senator Alan SimpsonFormer AFL-CIO President Richard Trumka (Trumka's medal will be presented posthumously.) Ret. Brig. Gen. Wilma VaughtActor Denzel WashingtonFormer National Council of La Raza CEO Raúl YzaguirreRead the original article on Business Insider.....»»

Category: topSource: BUSINESSINSIDER26 min. ago Related News

The best early Prime Day deals on outdoor gear that are likely to stay on sale

Amazon Prime Day runs from July 12 to July 13, with huge deals on outdoor gear like sleeping bags, headlamps, hiking socks, and more. When you buy through our links, Insider may earn an affiliate commission. Learn more.AmazonWith Amazon Prime Day taking place on July 12 & 13, there's perhaps no better time to use the sale to stock up on all things outdoors. Be it a new tent or camp stove, a replacement headlamp, or even just a new pair of hiking socks, you can find it on Amazon at a steep discount. Although the exact deals aren't live quite yet, this year's Prime Day sale is shaping up to be yet another huge event for Amazon. And with the amount of quality outdoor gear from reputable brands already available on the site, those looking to freshen up their kit should have no trouble finding plenty of solid discounts. And if you like to shop around, rest-assured Amazon isn't the only one gearing up to run a big sale as other outlets like Target and Walmart are also expected to have competing sales of their own. Prime Day 2022 starts at 3 a.m. EDT on July 12 and runs through the end of July 13, giving you plenty of time to hunt down the absolute best deals on whatever outdoor gear you have your eye on.Ahead of Prime Day's official start time, Amazon does have some early sales going on right now that are sure to satisfy anyone eager to score a few discounts. So far, we've seen anywhere from 10-40% off on things like Coleman sleeping cots, Kelty camp chairs, and LifeStraw water bottles.Here are the best early Prime Day outdoor gear deals available now:Gold Armour Camping BlanketAmazonColeman Airbed Cot with Side TableAmazonColeman Evanston Screened 6 Person TentAmazonKelty Loveseat Camping ChairAmazonEnergizer LED Headlamp Pro260AmazonRTIC Soft Cooler 30AmazonLifeStraw Go Water Filter BottleAmazonDeuter Freerider Pro 28 SLAmazonDarn Tough Tactical Boot Cushion SockAmazonRead the original article on Business Insider.....»»

Category: topSource: BUSINESSINSIDER26 min. ago Related News

Brazilians risk their lives to harvest açaí

Most of the world's açaí comes from Brazil, where it grows deep in the Amazon rainforest. The fruit's expensive, but harvesters don't see big profits. People climb palm trees deep in the Amazon rainforest to harvest açaí. More than 70% of Brazil's açaí exports end up in the US, where açaí bowls can sell for up to $15. Despite the high price for açaí, small farmers still aren't seeing big profits. Read the original article on Business Insider.....»»

Category: topSource: BUSINESSINSIDER26 min. ago Related News

What we know about Walmart"s competing Prime Day sale, "Deals for Days" — plus early deals

Walmart's Deals for Days is a sales event that's usually scheduled around the same time as Prime Day. Buyers can expect deals on tons of products. When you buy through our links, Insider may earn an affiliate commission. Learn more.Beata Zawrzel/NurPhoto via Getty Images Walmart is expected to hold a competing Deals for Days event during Amazon Prime Day 2022. The dates aren't confirmed yet, but last year, Walmart's sale kicked off a day before and ended a day after Prime Day. This year, Amazon Prime Day is Tuesday, July 12 and Wednesday, July 13.  Walmart hasn't released the dates for their Deals for Days shopping event, but it traditionally takes place around the same time as Amazon Prime Day and has typically started earlier and lasted longer. The Deals for Days event is one of the best times to save on tech, home goods, tools, outdoor gear, and fashion. This year Amazon Prime Day is set for July 12 and 13. Historically, Walmart's competing sale offers comparable discounts to Amazon Prime Day and matches many of Amazon's deals. These big deal events often ultimately come down to where you want to shop, since nearly every retailer has the same prices on major items.As the day gets closer, we'll add the best early Walmart deals. For more chances to save, check out the competing sales from Target, Best Buy, and several other major retailers.Related: See Insider's picks for the best credit cards to use on Amazon purchases.Best early Walmart deals available nowWalmart's Deals for Days event has yet to kick off, but you can shop thousands of rollbacks ahead of Prime Day. This weekend you can save extra on Fourth of July rollbacks on home products, tech, and more.Meanwhile, Amazon is already offering plenty of early Prime Day deals, with more to come as we get closer to the event. We'll update this post with more deals as they become live. When is Amazon Prime Day 2022?Amazon announced that Prime Day 2022 will take place Tuesday, July 12 and Wednesday, July 13.Will Walmart hold a sale during Amazon Prime Day 2022?Walmart typically holds its Deals for Days event around the same time as Amazon Prime Day, but it usually starts a day earlier and lasts a day longer. Walmart hasn't officially announced this year's event, but if the 2022 sale follows a similar schedule as last year's, Walmart's Deals for Days will run from July 11 to 14.What deals should I expect from Walmart during Prime Day 2022?Walmart often has comparable deals to those found on Amazon. Last year, we saw deals on robot vacuums, Roku TVs, phones, laptops, and more. How will a Walmart Plus membership play into Amazon Prime Day 2022?It's unclear if Walmart will offer any benefits to Walmart Plus members during its competing Prime Day sale, but early deal access is one of the advertised perks of Walmart Plus. Whether or not that will actually manifest for Deals for Days is unknown as of writing.Walmart Plus' year-round perks include free same-day delivery and shipping, gas discounts, and prescription discounts with Rx for less.If you're interested in sampling the membership, you can try it out free for 15 days. However, we recommend you wait until the exact dates for Walmart's sale are announced. That way, you can time your trial to take advantage of Walmart Plus perks during the event.Are there benefits to shopping from Walmart during Amazon Prime Day 2022?The first major benefit to shopping from Walmart during Prime Day is accessibility: You usually don't need a membership to get the deals. If you do happen to be a member of Walmart Plus, you can cash in on free two-day shipping for any of your orders. Walmart also offers physical locations where you can pick up your order in-store if you're in a rush — a major advantage over Amazon. Amazon Prime Day, on the other hand, is a Prime-member exclusive. It's one of the biggest selling points for a membership if you're a deals-minded shopper. Prime membership comes with other great benefits and is free to try for 30 days if you're tempted. Wait until closer to Prime Day to make sure you don't miss it if you plan to cancel. Read more about how the Insider Reviews team evaluates deals and why you should trust us.Read the original article on Business Insider.....»»

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Delta pilots warn of "the perfect storm" this holiday weekend as hundreds picketed the airline at hubs across the US

The pilots union said Delta was scheduling more routes than it could handle, and that pilots are flying record overtime this year. Delta Air Lines pilots picket at Los Angeles International Airport.Mario Tama/Getty Images Hundreds of off-duty pilots picketed Delta Airlines at hubs across the US on Thursday. Even with pilots flying record amounts of overtime this year, cancellations remain high. "The perfect storm is occurring," union chair Jason Ambrosi said ahead of the July 4 holiday weekend. Hundreds of off-duty Delta pilots picketed the airline at hubs across the country, with more than 400 demonstrating in shifts outside the carrier's home base in Atlanta, the Atlanta Journal Constitution reported.The picketing occurred as air travel has rebounded so strongly that Delta pilots are on track to fly more overtime this year than they did in their two previous busiest years combined.If trends continue, the overtime hours in 2022 will exceed those of 2018 and 2019 as early as this fall.Even with the extra shifts, the airline has still had to cancel thousands of flights since Memorial Day weekend."We're now going into the Independence Day Holiday weekend and are concerned that our customers' plans have already been disrupted once again," Delta pilots union chair, Capt. Jason Ambrosi, said in a statement. "The perfect storm is occurring."Rough as these disruptions are for passengers, the union says they're taking a serious toll on pilots' quality of life.The union is currently trying to negotiate new terms with Delta to amend the current contract that was last negotiated back in 2016 — a discussion that has been delayed more than two years past schedule.Delta pilots' last contracted pay raise was over three years ago, and air travel has only gotten busier in that time.Delta told Insider that the pilots' "informational exercise" would not affect its schedule, and said it was aimed at both providing an "industry-leading overall contract" and keeping a strong balance sheet.Although Thursday's action was not a strike, many pilots carried signs indicating their readiness to stop work if progress wasn't made. US airline pilots' ability to strike is bound by a century-old railroad law that puts several additional steps to avert work stoppages.Read the original article on Business Insider.....»»

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EU plans another hit on Moscow revenue, goes after Russian gold: report

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GM supply chain disruptions hit Q2 US vehicle sales

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Commerce Bank names Heise to its executive management committee

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Delta CEO apologizes for flight cancellations as pilots picket

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Q&A: Austin Peay is poised to ride Clarksville"s growth

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Sand Lake event barn project can move forward after appellate court ruling

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Fire-damaged building in Fort Lauderdale in $11M foreclosure

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Albuquerque HVAC and plumbing company acquired by out-of-state firm

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Kohl"s, Franchise Group end negotiations with no sale

Kohl’s Corp. will continue as its own company after ending its negotiations with potential buyer Franchise Group Inc. The department store chain announced the decision Friday morning. In a news release, Kohl’s said its board of directors unanimously decided to end its strategic review process. “The current financing and retail environment was reflected in the price and terms of FRG’s most recent proposal, which was not fully executable or complete,” the announcement states. Kohl’s….....»»

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NY company billed as "the world"s insight network" to open 250-person Philadelphia office

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Six downtown Wichita businesses unveil creative new "Front Porch" designs

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