Kohl's sale falls apart in shaky retail environment
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, for a deal potentially worth about $8 billion.
On Friday, Kohl's Chairman Pete Boneparth cited volatile markets and the rising economic anxiety among customers as the reasons.
It was the second time this week that a major retailer retreated from a potential sale due to worsening economic conditions.
Walgreen's said Thursday that it was giving up on its hopes of selling its Boots business in the UK.