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Bond Market News
Kohl’s Bonds Jump Higher; Seeks Extended Vendor Payment Terms Amid Turnaround Effort
August 28, 2025
US departmental retail store Kohl’s, has asked some of its vendors for more time to settle invoices as part of efforts to manage cash flows during its turnaround. Kohl’s notified partners in March 2025 that it was updating and standardizing payment terms “in line with the retail industry,” according to a statement. The move comes as Kohl’s struggles with weak sales, having reported annual revenue declines for over three years, carrying more than $2bn in debt currently. The company recently raised $360mn via 10% 2030s to meet obligations coming due this year. Kohl’s has undergone recent management changes, with interim CEO Michael Bender stepping-in after the termination of Ashley Buchanan in May over governance concerns. It has struggled to generate sales momentum, despite efforts to collaborate with a few retailers to drive traffic.
Kohl’s share price rose by 24% yesterday. Similarly in the bond market, Kohl’s 5.125% 2031s jumped higher by 4.6 points yesterday and currently trades at 79.94, yielding 9.82%. After having fallen by over 20% since January through May, its bonds have recovered the entire move ever since (as seen in the chart above).
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