Kohl's is said to have asked bidders to submit revised offers

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Kohl's Corp. (NYSE:KSS) is said to be at the stage of its sale review process where it has asked bidders to revise their offers.

Kohl's has asked bidders to submit revised bids in form of higher offer or financing for the department store chain, according to CNBC's Sara Eisen. Eisen said on the business network that she had earlier spoken to Kohl's CEO Michelle Gass.

The report comes after Kohl's earlier Thursday sent a letter to holders reiterating that the Kohl’s board is running a "robust and intentional process" to evaluate interest from multiple parties. The retailer urged holders to vote for its nominees at its annual meeting in May, where it is facing a proxy fight with activist Macellum Advisors.

Last week, the NY Post reported that Hudson's Bay, the owner of Saks Fifth Avenue, is likely the front-runner in the bidding war for Kohl's. The retailer is expected to make a decision at its May 11 annual meeting.

Kohl's last week said it has received "multiple" preliminary indications of interest, which were all non-binding and without committed financing.

Earlier this month, WSJ reported that Sycamore and Hudson's Bay planned to offer in the high $60s for Kohl's. Leonard Green was also expected to submit a bid for Kohl's, according to a NY Post report. The offers were said to be between $67 and $69.

Women's Wear Daily last week reported that the auction process has entered the second phase and a deal is likely in the high $60s or $70/share range.

Earlier this week Starboard's Jeff Smith, whose fund along with Acacia Research (ACTG), offered $64/share for Kohl's, but was rejected, said he would love to own the business.

"We really love the Kohl's business," Smith said in an interview CNBC earlier this week. "Kohl's is an under appreciated business that has terrific cash flow and it's a company that we would really love to own."