Hudson's Bay Company is bidding for American peer Kohl's Corporation (NYSE:KSS), a source familiar with the matter told Reuters. The Wall Street Journal on March 16, 2022 reported, citing people familiar with the matter, that private equity firm Sycamore Partners Management, L.P. and Hudson's Bay were planning bids in the high $60s per share. Kohl's has asked suitors to submit offers by March 16, 2022, the report said.

It added that the company has indicated it believed it was worth over $70 per share, citing one of the people. Sycamore Partners declined to comment. "The board will measure potential bids against a compelling standalone plan," Kohl's said in an emailed response on March 16, 2022, adding the engagement with potential bidders was "robust and ongoing".