Looks like the Kohl's Corporation won't have new owners after all.  At least not now.  A negotiated deal to sell the Wisconsin-based retailer has fallen apart - a victim of the current economic climate.

For the last month or so, Kohl's has been in negotiation to sell with their company to Franchise Group Inc. Franchise operates a variety of companies including The Vitamin Shoppe.

It appears that the deal fell apart over a combination of purchase price and the effects of the economy.  According to details shared in an article in the Superior Telegram [paywall], the original negotiated purchase price between the two companies was $60 per share.  That price, however, changed last week:

"[A] Friday, July 1, filing with the U.S. Securities and Exchange Commission from the clothing retail chain states that Franchise [Group Inc.] lowered its offer to $53 per share on June 27 and members of the Kohl's Board of Directors' Finance Committee indicated financing terms offered by Franchise Group were incomplete."

In addition to the change in price per share, the filing referenced the current economic climate, "historic inflation", and interest rates.  The filing offered:

"In light of the current financing and retail environment, which has significantly deteriorated since the beginning of the process, the Board unanimously determined that it was no longer prudent to continue its process and that it is in the best interest of shareholders for management to continue to execute the Company's strategic plan on a standalone basis."

So where does that leave ownership of the Menomonee Falls, Wisconsin clothing and department store retailer?  Kohl's Corporation did  indicate that it would be open to any future "opportunities to maximize shareholder value."

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