CT Kohl's Locations Face Potential New Ownership

CONNECTICUT — Vitamin Shoppe owner Franchise Group Inc. has entered into exclusive negotiations to acquire Kohl’s for $60 per share, which would value the company at around $8 billion. The exclusive negotiation period is for three weeks.

Kohl’s has 20 stores in Connecticut, including: Berlin, Branford, Brookfield, Canton, Dayville, Enfield, Groton, Hamden, Lisbon, Manchester, New Milford, Norwalk, Old Saybrook, Orange, Plainville, Rocky Hill, Trumbull, Wallingford, Waterbury, and Willimantic.

Sephora jewelry store opened two locations within Connecticut Kohl's buildings and another 10 are on the way.

The acquisition talks come as the future of the Kohl's brand remains undecided after a New York-based hedge fund Engine Capital urged Kohl's in December 2021 to consider a sale, according to CNBC. Simon Property and Brookfield Asset Management, both of which aided JCPenney out of bankruptcy in 2020, previously offered $68 a share to acquire the Wisconsin-based retailer, according to the New York Post.

Under the Simon Property deal, the JCPenney and Kohl's brands would have remained separate, a source told The Post. The two department store giants also had plans to streamline operations, merge IT systems and slash costs. All private apparel is set to be manufactured by the same label, according to the outlet.

See also: CT Town Officials Unveil Ideas For $100 Million Island It Plans To Buy

• Rare Tick-Borne Infection Kills Connecticut Woman

The sale also would've nix plans to bring more Sephora locations inside Kohl's stores. The 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 12 more Connecticut beauty counters opening this year. 850 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.