Why would they want/need to? Amazon already has a lot of stuff. Kohl's would just be more of the same stuff they already got.
Possible distribution, Amazon essential sku's, express grocery....survival gear. I think Kohls has lagged as a retailer (way before CV) simply because they are not innovative....... compared to, for example, Target.
The other day I was thinking of buying Kohls by itself...If it drops. A 2 to 3 year time frame. If J C Penny is gone, Sears is gone, if Macys doesn't make it, where would you go for quality clothes for a birthday or Christmas gift (Easter dress). Yeah, price is a consideration...Which will help Target. But for slightly better quality, Kohls is positioned in the correct spot (wanting or needing to try on the clothes before buying)... Why would Amazon buy Kohls when they can grab J. C Penny out of bankruptcy for pennies on the dollar?? This is where Amazon has gone for the time being (brick and mortar). Or Circle K or 7-11?? Amazon can pick and choose their locations (size) and how to set it up...
Other than grocers, brick and mortar retail standalone is dead. Target and Walmart are great because they have both. If Amazon could acquire Target, that would be a powerhouse.