Business & Tech
Florida Kohl's Stores May Get New Owners
The 51 Kohl's stores in Florida may be in store for a change. The brand is currently in exclusive negotiations with a potential new owner.
FLORIDA — Dozens of Florida Kohl's stores may be in store for a change as the brand is currently in exclusive negotiations with a new owner worth about $8 billion.
The Wisconsin chain said in a statement Monday that it was in a three-week exclusive takeover period with the owner of Vitamin Shoppe for $60 per share.
"The company will have no further comment until an agreement is reached or the discussions are terminated," the retail giant said.
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The buyer, the Franchise Group Inc., which focuses on franchise companies, will make final financing arrangements and complete due diligence before signing off on the deal during that period.
There are 51 Kohl's locations in Florida, and 44 JCPenney stores in the state.
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A previous bid by JCPenney to buy Kohl's would have nixed plans to bring more Sephora locations inside Kohl's stores. Eight-hundred fifty Sephora stores inside Kohl's stores are planned to open by 2023. It's not immediately clear if the partnership would continue under Franchise Group ownership.
Franchise Group has partnered with Oak Street Real Estate Capital to finance the deal, CNBC reported. The Franchise Group deal is subject to approval of both companies' boards of directors, Kohl's said, adding that there isn't a guarantee that an agreement will be reached in the three-week period.
Kohl's has more than 1,100 stores in 49 states.
The potential deal between Kohl's and Franchise Group still needs approval from the boards of both companies.
Simon Property and Brookfield Asset Management, both of which aided JCPenney out of bankruptcy in 2020, previously offered $68 a share to acquire the Kohl's retailer, according to the New York Post.
The Sephora partnership with the beauty brand, which aimed to "draw new and younger customers" to Kohl's department stores, began in 2020, with the two companies planning for 14 more Florida beauty counters opening this year. Three opened in Kissimmee, West Melbourne and Jacksonville last year.
The Associated Press contributed to this article.
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