Kohl's board has nixed a deal to be bought by Franchise Group, citing a poor retail environment caused by rising inflation that has consumers pulling back on spending.
FILE - In this Feb. 25, 2021 file photo a woman arrives at a Kohl's store in West Des Moines, Iowa. Kohl's board has nixed a deal to be bought by Franchise Group, Friday, July 1, 2022, citing a poor retail environment caused by rising inflation that has consumers pulling back on spending. Wisconsin-based Kohl's was in exclusive talks with Franchise Group, the owner of Vitamin Shop and other retail outlets, on a deal worth about $8 billion. SILVER SPRING, Md.
"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.
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