“Given the environment and market volatility, the Board determined that it simply was not prudent to continue pursuing a deal.'
Last week, it announced it was ending talks of selling its company and was no longer considering a sale to Franchise Group Inc., the latest bidder for the struggling retailer.
“Despite a concerted effort on both sides, the current financing and retail environment created significant obstacles to reaching an acceptable and fully executable agreement,”. “Given the environment and market volatility, the Board determined that it simply was not prudent to continue pursuing a deal.
“Kohl’s is a financially strong company that generates substantial free cash flow and has a clear plan to enhance its competitive position and improve performance over the long term,” Boneparth added. Franchise Group, which owns brands such as American Freight and The Vitamin Shoppe, made an $8 billion offer to acquire Kohl’s. Earlier in the year, shopping mall giant Simon Property and Canada-based Brookfield Asset Management, operators of JC Penney,The two were among 25 parties that made offers for Kohl’s, which operates more than 1,100 locations nationwide.
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