Kohl’s Sale Falls Apart in Shaky Retail Environment | Business News
By MATT OTT, AP Business Writer
SILVER SPRING, Md. (AP) — The 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, on a deal 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.
Americans have grown more cautious with their spending with repeated economic signals that suggest the economy is slowing.
Shares of Kohl’s Corp., based in Wisconsin, fell more than 17% in premarket trading.
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