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Kohl's receives $2 billion real estate bid from Oak Street

Yahoo Finance Live looks at Kohl's stock after the retailer received a bid on its stores' real estate.

Video Transcript

[AUDIO LOGO]

SEANA SMITH: All right, my play today, a lot more boring than that, it's Kohl's. It's a top trending ticker, though, on Yahoo Finance. Shares jumping today, up just around 5% off the highs of the day on reports of a $2 billion offer for its real estate. Now, according to Reuters, PE firm Oak Street Real Estate is interested in their properties. And the retailer will then potentially leaseback its stores. It's not clear how many of Kohl's 1,100 stores will be involved in this agreement.

Dave, this could give goals-- Kohl's another chance here to reach a deal after talks to sell itself to Franchise Group fell through earlier this summer. We know that Kohl's is far from the only one in the retail space that has been struggling as of late. Lots of questions here from investors, just in terms of the company's turnaround strategy, what that looks like going forward. Whether or not this actually goes through, it could potentially be a good option here for Kohl's.

DAVE BRIGGS: Not great option but good. Yeah, I mean, that initial deal from Franchise Group, which owns Vitamin Shoppe, was $8 billion. And so watching that disintegrate probably feels very painful on this day. Some of their plans involved-- they talked about some unused inventory that they're going to put back on the shelves in 2023, hoping that either styles don't change or consumers don't notice. It feels desperate.

We've talked about this with Bed Bath & Beyond. A massive real estate play it will eventually be if, in fact, they file for Chapter 11. You're talking about 900 stores for Bed Bath & Beyond. Enormous footprints. If those two go away, the commercial landscape across this country looks very different.