Precious Metals Rally as Silver and Platinum Outperform on Rate Cut Bets 
Nike Shares Slide as Margins Fall Again Amid China Slump and Costly Turnaround 
BoE Set to Cut Rates as UK Inflation Slows, but Further Easing Likely Limited 
Asian Fund Managers Turn More Optimistic on Growth but Curb Equity Return Expectations: BofA Survey 
Oracle Stock Slides After Blue Owl Exit Report, Company Says Michigan Data Center Talks Remain on Track 
FedEx Beats Q2 Earnings Expectations, Raises Full-Year Outlook Despite Stock Dip 
Singapore Growth Outlook Brightens for 2025 as Economists Flag AI and Geopolitical Risks 
Blackstone Leads $400 Million Funding Round in Cyera at $9 Billion Valuation 
Austan Goolsbee Signals Potential for More Fed Rate Cuts as Inflation Shows Improvement 
Sanofi’s Efdoralprin Alfa Gains EMA Orphan Status for Rare Lung Disease 
Chinese Robotaxi Stocks Rally as Tesla Boosts Autonomous Driving Optimism 
Gold and Silver Surge as Safe Haven Demand Rises on U.S. Economic Uncertainty 
Canada Signals Delay in US Tariff Deal as Talks Shift to USMCA Review 
ANZ New CEO Forgoes Bonus After Shareholders Reject Executive Pay Report 
Instacart Stock Drops After FTC Probes AI-Based Price Discrimination Claims 
Asian Currencies Slip as Dollar Strengthens; Indian Rupee Rebounds on Intervention Hopes 
Robinhood Expands Sports Event Contracts With Player Performance Wagers 
Kohl's, an American department store retail chain operated by Kohl's Corporation, has ended its sales talks with the Franchise Group, a Virginia Beach, Virginia headquartered publicly traded holding company that acquires and manages mainly franchise companies.
Kohl's announced on Friday, July 1, that it no longer wants to sell its business to Franchise Group, so it already ended the talks for the sale. The company explained that the condition of its retail has worsened since the bidding process started.
As per CNBC, the department store chain also slashed its outlook for the second quarter and pointed to reduced spending of the consumers amid the high inflation today. Kohl's is now predicting single digits for its sales which could even be lower compared to last year.
It was mentioned that the company's shares trading ended on Friday down to almost 20% and even reached a new 52-week low of $27.65 at one point. Kohl's decision to terminate its sales talks with the Franchise Group was also influenced by the fact that its stock price has declined and its sales plunged as well.
The firm has been facing pressure from activist investors for months now. They want Kohl's to pursue a sale and reorganize the business by appointing new board directors. In response to the pressure, the company received several buyout proposals earlier this year, but these were rejected because, at that time, the offers were deemed too low at just $64 per share.
"Throughout this process, the Board has been committed to a deep and comprehensive review of strategic alternatives with the goal of selecting the path that maximizes value for shareholders," Kohl's chairman of the board, Peter Boneparth, said in a press release for the conclusion of the company's strategic review process. "After engaging with more than 25 parties in an exhaustive process, FRG emerged as the top bidder and we entered into exclusive negotiations and facilitated further due diligence."
Boneparth added that "Despite a concerted effort on both sides, the current financing and retail environment created significant obstacles to reaching an acceptable and fully executable agreement."
