Ex-Walmart CEO says Kohl's 'well positioned' to rebound this year
Bill Simon expects the struggling retailer to come back in the second half of 2021
Former Walmart U.S. CEO Bill Simon argues retailers and small businesses will 'struggle’ and ‘see challenges’ if the minimum wage is raised before the economy recovers from the pandemic. He also discusses how the pandemic has impacted retailers.
Kohl’s is “really well positioned to see a rebound” in the back half of 2021, according to former Walmart U.S. CEO Bill Simon.
Simon joined “Mornings with Maria” on the heels of a group of activist investors, with a big stake in the department store, reportedly attempting to take control of the chains’ board.
Kohl’s is set to report its fourth-quarter and full-year 2020 results March 2.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| KSS | KOHL'S CORP. | 18.62 | +0.53 | +2.93% |
ACTIVIST INVESTORS ATTEMPTING TO TAKE CONTROL OF KOHL CHAIN'S BOARD: WSJ
BILL SIMON: “I've always been impressed with Kohl’s, and they're a great operator, have been a great operator, you know, they've struggled through COVID like many retailers, largely because they, you know, they have a large percentage of their business in peril.
…
But towards the end of this year, Maria, we're all going to realize that the clothes that we have are old and not in fashion. And we're going to have to go out again, you know, God willing ... I really like Kohl’s for the back half of this year.
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…
They're ... one of the companies I've been looking at. They've done a wonderful job through the pandemic, really revamping their online and digital business. They know they're really, really strong. And now I think they've improved their omnichannel capability. And as customers come back there, I think they're really well-positioned to see a rebound.
…
The activists, you know, and I think you have to respect activists when they get involved in your business, their shareholders who want the best for the company. And there's always something in there that the board can learn from the activists. So I'm glad to read with that. They're also engaging with the activists and hopefully they can resolve this. But I like Kohl’s for the back half of the year. I think they're a good play.”
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The Wall Street Journal and FOX Business' Cara Lombardo contributed to the report.