Axios

Kohl's stock plunged today after the retailer reported a continued downturn in sales.

• The department store chain is hoping to avoid the fate of some of its rivals, such as Sears and JCPenney, both of which ended up in bankruptcy.

Between the lines: Kohl's reported a 4.4% decline in comparable sales in the period ending May 4, as even the company's popular clearance sales underperformed.

• "Our first quarter results did not meet our expectations," CEO Tom Kingsbury said in a statement.

It's the revenge of the mall retailers: Several chains that were once floundering are enjoying a sudden resurgence.

Why it matters: The American mall has been under siege for years from digital competitors and big-box stores, prompting many to pursue reinvention with alternative tenants like fitness chains and restaurants.

X and cable news network NewsNation are planning to host live town halls with former President Trump and independent presidential hopeful Robert F. Kennedy Jr., two sources familiar with the plans told Axios.

State of play: The pair have agreed in principle to separate live interviews as part of a new video series, titled "The People's Town Hall," per the sources, though the dates and locations have yet to be set.

A flood of elite GOP donors and Trump-curious tycoons have come off the sidelines in recent weeks in support of the former president, who is rapidly closing his fundraising gap with President Biden.

The big picture: Trump's mega-donors defected in droves after Jan. 6 and Republicans' abysmal performance in the 2022 midterms. After flirting with alternate candidates in the GOP primary, many are getting back behind Trump.

Skydance Media submitted a revised offer to buy Paramount that appears to be more favorable to its nonvoting shareholders, Axios has confirmed.

Why it matters: The new offer could put David Ellison's media company back in the driver's seat for Paramount.

Here are the new movies and shows that are coming to Netflix, Paramount+ and more streaming services the first weekend of June.

What we're watching: Jeremy Renner returns as "mayor" of Kingstown, a puppeteer spirals in a gritty thriller, and we learn about the visionary behind characters like Kermit the Frog and Big Bird.

The reputations of Amazon, Samsung and Patagonia have the most staying power, according to this year's Axios Harris Poll 100 rankings.

Why it matters: Each company continues to see high marks in areas of "vision," "growth" and "products and services."

• This implies that consumers are most concerned with the trajectory of a company and the services it provides when gauging corporate reputation.

Yes, but: Even the top-ranking companies have seen a slip in reputation scores over the past decade.

TikTok and its Chinese owner, ByteDance, continue to have one of the lowest reputation scores across all of the companies measured annually in the Axios Harris Poll 100, thanks to bipartisan concerns around social media safety and security.

Why it matters: TikTok has faced a wide set of challenges since entering the U.S. market in 2017, and a new U.S. law requiring the company to sell itself to a U.S. owner or face a ban has darkened the public's perception of the app.

As founder of Mixing Board, Sean Garrett has created a space for communicators and marketing professionals to share what's next in the profession.

• Why it matters: Garrett helped build the first communications team while at Twitter (now X) and he currently is building a community of experts through Mixing Board.

Luckin Coffee's fortunes have perked up, four years after an accounting scandal cost the Chinese company its top executives, its Nasdaq listing, and $180 million in fines.

Why it matters: Many had left Luckin for dead, assuming its remains would get steamrolled by Starbucks.

Activist investor Nelson Peltz has sold his entire stake in Disney, two months after losing a bitter proxy battle to the entertainment giant.

Why it matters: Disney can breath a sigh of relief that Peltz, the shareholder that agitated twice in two years, has exited the stock.

Acting Labor Department secretary Julie Su just helped secure a labor contract for more than 1,500 newly unionized workers at a school bus manufacturer in Georgia — a region typically hostile to unionization.

Why it matters: The contract at Blue Bird Corp., ratified last week, shows how the administration's pro-labor stance, along with the money pouring in from its signature legislation, is changing how some U.S. businesses operate.

Consumers love the nostalgia economy.

The big picture: Sony and Mattel, both companies with big ties to American youth, were highly ranked in the 2024 Axios and Harris Poll on corporate reputation.

Elon Musk has three essential ingredients to unrivaled political power among CEOs: control of a massive social media platform, astonishing personal wealth — and now former President Trump's open and willing ear.

Why it matters: That makes Musk arguably the most important business player in modern American politics. He has the power to sway or repel voters — and stands ready to win or lose big, given his companies' deep ties to government.

Former President Trump likes cryptocurrency now — a lot, which is a surprise to anyone who has been following the industry's political fortunes.

Why it matters: The cryptocurrency industry, which may not have that many people but definitely has a lot of money, has never been more politically organized as the U.S. heads into a presidential election.

Amazon customers in the U.S. can now order food delivery inside Amazon's app through Grubhub, the companies announced early Thursday.

Why it matters: "It's actually the first time we've had third party restaurant ordering inside the Amazon app," Jamil Ghani, worldwide VP of Amazon Prime, tells Axios in an interview.

Three men accused American Airlines in a lawsuit Wednesday of "blatant and egregious racial discrimination" for temporarily removing them and five other Black passengers from a flight after a complaint about body odor.

The big picture: The lawsuit states that the eight men were not seated together and did not know each other when they were removed from the Jan. 5 flight from Phoenix, Arizona, to New York's John F. Kennedy International Airport "without any valid reason, and solely based on their race."

Walmart is bringing back its members-only sale early and getting ahead of Amazon's annual Prime Day sale in July.

Why it matters: It's the latest battle in the paid membership war and starts the summer shopping season early.

American Airlines' chief commercial officer Vasu Raja is out as his strategy to lead the company away from business travel has backfired.

Why it matters: A rebound in business travel is helping American's competitors Delta, United and Alaska Air gain double-digit sales growth from corporate accounts.

The big picture: American cut its guidance for this current quarter — the start of the all-important summer travel season — late Tuesday, which sent investors scurrying.

• Shares sank nearly 14% by the end of Wednesday's trading.

Numerous Southwest Airlines flights were delayed as the company reported a power outage hit its data centers in the Dallas area on Wednesday.

Why it matters: While a Southwest Airlines spokesperson said it had "resolved a brief technology issue" that was caused by Wednesday afternoon's outage, the airline has been in the spotlight after thousands of flights were delayed in late 2022 and again in early 2023 due to severe weather and exacerbated by tech issues.