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Bond Market News
Kohl’s Downgraded to BB- by Fitch
April 8, 2025
Kohl’s was downgraded by a notch to BB- from BB by Fitch. The downgrade reflects the company’s ongoing operational challenges, raising concerns about the timing of business stabilization in the medium term. The company recently replaced its CEO and is adjusting its operating strategy, but its ability to stabilize market share, particularly in apparel, is unknown as per Fitch. Kohl’s FY2024 revenue and EBITDA are down 20% and 50% respectively, from 2019 levels, despite growth in newer categories like beauty (via Sephora). It has lost market share in core apparel segments more severely than peers, indicating company-specific execution issues. The company faces significant near-term challenges, including weak 2025 financial guidance, CEO transition, closure of 27 stores (2% of its base) and 75% reduction in dividends.
Kohl’s bonds dropped 7-8 points across the curve over the past two days with its 4.625% 2031s down at 63.7 yielding 14.3%.
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