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Kohl’s May Have Found a Buyer

The department store chain has entered into a three-week negotiation period with the owner of Vitamin Shoppe

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Kohl’s Corporation (Menomonee Falls, WI) announced that has received final proposals and entered into exclusive negotiations with Franchise Group Inc., the parent company of Vitamin Shoppe, Pet Supplies Plus, Badcock Home Furniture and other retailers.

Franchise Group has offered to buy the department store chain for $60 per share, or about $8 billion. The companies have set aside three weeks for the negotiation period.

According to The Wall Street Journal, Franchise Group is proposing a deal structure that is based on selling Kohl’s real estate and adding on debt, a strategy that has caused problems for other retailers and was a possible contributor to the bankruptcy of Toys “R” Us.

A transaction would remain subject to the approvals of both companies’ boards of directors. Kohl’s says it won’t offer further comment until a deal has been struck or the negotiations have been terminated.

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