business news in context, analysis with attitude

With brief, occasional, italicized and sometimes gratuitous commentary…

•  Axios reports that "shrinkflation is creeping into grocery stores … Companies are keeping prices the same, but selling you less of whatever is inside — cereal, ice cream or whatever — to compensate."

This is happening, the story says, as consumers turn to frozen and canned product, as well as smaller meat packs and private label items, as a way of compensating for higher prices on their end.

•  Bloomberg reports that Simon Property Group and Brookfield Asset Management, companies that teamed up to buy JC Penney out of bankruptcy, now are "offering to acquire retailer Kohl’s Corp. in a deal that would be worth more than $8.6 billion."

According to the story, "Kohl’s has been under pressure from activist investors including Macellum Capital Management, which is seeking to take control of the company’s board. The Menomonee Falls, Wisconsin-based retailer has engaged Goldman Sachs Group Inc. to field offers, saying that the firm is authorized to coordinate with select bidders … Kohl’s said in March that Goldman had talked with more than 20 potential buyers. The retailer said in February that it had rejected takeover offers it had received as too low."

•  From the Wall Street Journal:

"A New Jersey company is recalling more than 60 tons of ground beef products that may be contaminated with E. coli, according to the Agriculture Department.

"The products distributed by Lakeside Refrigerated Services were shipped nationwide, the USDA’s Food Safety and Inspection Service said Monday. The department’s food safety and inspection service discovered the issue during routine testing of the products, it said.

"It is the third-largest recall of beef products since the start of 2021, according to the USDA. It was also the fifth recall of food products due to possible E. coli contamination over that same time frame, according to the USDA.

The ground beef products were produced from February through the beginning of April, according to the USDA. There have been no confirmed reports of illness or adverse reactions due to consumption of these products, the USDA said … USDA officials said they are concerned that some products may be in consumers’ refrigerators or freezers. Consumers who have purchased the products should throw away the meat or return it where they bought it, the USDA said."