Kohl’s Acquisition Talks Continue After Board Vote

NEW JERSEY — Kohl’s stores in New Jersey won’t see a takeover from JCPenney anytime soon after all 13 board of directors at Kohl’s were reelected following a shareholder vote on May 11, Kohl's announced at its 2022 Annual meeting.

"We would like to thank our shareholders for their support throughout this proxy contest," said Peter Boneparth, Chairman of the Board in a release.

The results are preliminary until they're certified and filed with the Securities and Exchange Commission. That process will delay any potential sale.

"While we have had differences with Macellum, this Board is committed to serving the interests of all our shareholders. The Board remains focused on running a robust and intentional review of strategic alternatives while executing our strategy to drive shareholder value. We appreciate the feedback we have received from our shareholders over the past several months and look forward to engaging with them further," said Boneparth.

But amid inner company turmoil over who should decide the future of Kohl’s, several key players from the outside have been eyeing ownership of the department store chain. Notably, the company was offered an acquisition deal by competitor JCPenney for a whopping $8.6 billion. Read more: NJ Kohl's Stores To Be Acquired By Competitor: Report

JCPenney itself was reportedly bought out by Simon Property and Brookfield Asset Management when it filed for bankruptcy in 2020.

While initial plans for JCPenney to buy Kohl’s would’ve halted Kohl’s partnership with Sephora, the collaboration seems to be continuing this year with the 12 more Garden State beauty counters expected by the end of 2021. 850 Sephora stores inside Kohl's stores are planned to open by 2023.

There are 38 Kohl's locations in New Jersey, compared to about a dozen JCPenney stores in the state.