Kate Spade explores buyout options with Michael Kors, Coach

Kate Spade bag

Under pressure from investors, Kate Spade has agreed to explore strategic alternatives, including a possible buyout. Working with financial adviser Perella Weinberg Partners,the move comes amid a major sales slump for the handbag maker due to declines in mall traffic and tourist spending. Sales at stores open at least 14 months fell 1.5% last quarter. Since receiving pressure from Caerus, reports state that competitors Coach and Michael Kors are interested in bidding on the brand. (Reuters)