announced Friday that it is terminating talks to sell its business, saying that the retail environment has significantly deteriorated since the beginning of its bidding process.
The retailer's decision to end deal talks comes as its stock price slumps and its sales decline. Kohl's has faced months of pressure from activist investors to pursue a sale and shake up the business with a new slate of board directors. Earlier this year, it rejected, which it considered too low. The stock closed Friday at $28.68.
"Despite a concerted effort on both sides, the current financing and retail environment created significant obstacles to reaching an acceptable and fully executable agreement," said Peter Boneparth, chair of Kohl's board, in a news release. Franchise Group also confirmed Friday morning that its negotiations to acquire Kohl's were terminated. The company, run by CEO Brian Kahn, said that it will continue to evaluate other internal and external deal opportunities.Financing such a massive deal has become more difficult due to volatility in the stock market and broader economy, as the Federal Reserve jacks up interest rates to counter surging inflation.earlier this week scrapped its plan to sell its U.K.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Kohl's Terminates Sale Talks With Vitamin Shoppe Owner Franchise Group, Sources SayThis decision from Kohl’s comes as its stock price slumps and its sales decline.
Source: NBCDFW - 🏆 288. / 63 Read more »
Kohl's takes down the 'for sale' signKohl's is no longer for sale.
Source: CNN - 🏆 4. / 95 Read more »
Kohl's sale falls apart in shaky retail environmentThe potential sale of the Kohl's department store chain has fallen apart in a shaky retail environment of rising inflation and consumer anxiety. Kohl's entered exclusive talks early this month with Franchise Group, the owner of Vitamin Shop and other retail outlets, for a deal potentially worth about $8 billion. 'Given the environment and market volatility, the Board determined that it simply was not prudent to continue pursuing a deal,' said Kohl's Chairman Pete Boneparth.
Source: YahooNews - 🏆 380. / 59 Read more »
Breakingviews - Kohl’s goes back on the shelfKohl’s is going it alone . The U.S. retailer said on Friday it had ended talks over a takeover by Franchise Group after the bidder revised its offer down and didn’t come up with “definitive financing arrangements.” The market’s reaction gives a hint at the lonely road ahead.
Source: Breakingviews - 🏆 470. / 51 Read more »
Kohl's sale falls apart in shaky retail environmentThe potential sale of the Kohl's department store chain has fallen apart in a shaky retail environment of rising inflation and consumer anxiety. Please take some time to listen to this Christian EDM (Electronic Dance Music) This is some high-energy street dancing!!! The official Jesus Party music video by SkerritBwoy on YOUTUBE! LIKE, SHARE, AND SUBSCRIBE! Thank YOU!
Source: dothaneagle - 🏆 337. / 59 Read more »
Kohl's sale falls apart in shaky retail environmentThe potential sale of the Kohl's department store chain has fallen apart in a shaky retail environment of rising inflation and consumer anxiety.
Source: TucsonStar - 🏆 339. / 59 Read more »