MENOMONEE FALLS, WI (WSAU) — Wisconsin-based Kohl’s has broken off talks with a potential buyer.
The retail chain, which operates 1100 stores in 49 states, says they are anticipating lower earnings for the just-completed second quarter. Analysts add that the current retail climate is not favorable for corporate deal-making.
The department store was deep in talks with Franchise Group, which owns other retailers such as Vitamin Shop and Pet Supplies Plus.
News of the canceled deal sent shares of Kohl’s down by about 20 percent at the start of the trading day on Wall Street. Officials with Kohl’s say they don’t expect the pressure to sell the company to go away anytime soon.
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