MD Kohl's Stores Could Have New Owners

Silver Spring MD

07 June, 2022

10:53 AM

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MARYLAND — Kohl's stores in Maryland could soon be under new ownership, since the company entered into negotiations with Franchise Group, Inc., which proposed to buy the company for $60 per share. That would value Kohl's at about $8 billion, CNBC said. The negotiations are exclusive and will last three weeks so that both companies can finalize financial arrangements before making a decision, Kohl's said in a news release. The company said that it won't have any more comment on the negotiations until they are over, and the agreement has been signed or terminated. There are 23 Kohl's locations in Maryland. Kohl's recently announced that it will open Sephora stores inside of Kohl's stores, with beauty consultants and sampling of the makeup and other cosmetic products. So far, there have been Sephora openings or planned openings in Maryland at the Severn, Severna Park, Timonium, Hagerstown, Ellicott City, Frederick, Germantown, Silver Spring, Bowie and Bel Air Kohl's stores. "We're thrilled to be bringing Sephora at Kohl's closer to millions more of our customers nationwide through this 400 store expansion," said Doug Howe, Kohl's chief merchandising officer, in a news release. "The quick and vast rollout of Sephora at Kohl's is a testament to how much we believe in this partnership and making prestige beauty more accessible to people everywhere. We're excited to grow and bring this elevated beauty experience to more of Kohl's existing and new customers this year." Earlier this year, JCPenney offered to buy Kohl's for $68 per share, The New York Post reported. If that deal had gone through, the two brands would have remained separate, The Post reported. The companies would have merged IT systems and all private apparel would have been manufactured by the same label, though, according to the report.