Kohl’s ends talks of selling its company - world cultures

Kohl’s ends talks of selling its company

For months, department store chain Kohl’s had been fielding bids to be bought out.

On Friday, the company ended talks of selling its company by announcing it would no longer consider a sale to Franchise Group Inc., the latest bidder in the Kohl’s-for-sale saga.

“Despite a concerted effort on both sides, the current financing and retail environment created significant to reaching an acceptable and fully executable agreement,” Peter Boneparth, chair of Kohl’s board, said. “Given the environment and market volatility, the Board determined that it simply was not prudent to continue pursuing a deal.”

Franchise Group, which owns brands such as American Freight and The Vitamin Shoppe, made an $8 billion bid to acquire the retailer in June.

“After engaging with more than 25 parties in an exhaustive process, FRG emerged as the top bidder, and we entered into exclusive negotiations and facilitated further due diligence,” the release read.

Kohl’s had been fielding bids since the end of 2021 after being urged to sell the company. Rival department store brand JCPenney also made a large bid to acquire Kohl’s.

With the addition of concepts like the Sephora at Kohl’s shop-in-shop’s, Kohl’s is trying to draw “new and younger customers” to its stores.

There are currently over 1,100 Kohl’s stores nationwide.


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