ASSOCIATED PRESS
MENOMONEE FALLS – Kohl’s Corp. is in negotiations to sell the business to the group that runs the Vitamin Shoppe stores.
The Milwaukee Journal Sentinel reported that the Menominee Falls-based retailer said Monday it had entered into negotiations with Franchise Group Inc. to acquire the company at $60 per share. This translates to approximately $8 billion.
Franchise Group released a statement saying it plans to fund the purchase by issuing $1 billion in debt and using the value of Kohl’s real estate to fund the rest.
Kohl shareholders would receive $60 in cash for each of their shares. The price is a nearly 43% premium to Kohl’s closing stock price of $42.12 during regular stock trading Monday.
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In addition to Pet Supplies Plus and The Vitamin Shoppe, Franchise Group brands include American Freight, Badcock Home Furniture and more, Buddy’s Home Furnishings and Sylvan Learning.
Kohl’s has more than 1,100 stores and about 100,000 employees nationwide, including about 8,000 in Wisconsin. About half of them work at the Menominee Falls headquarters.
Kohl’s has come under pressure from activist investors to improve the company’s performance and stock price or sell the company outright. The sale would be subject to the approval of the board of directors of both companies.
Photos: A look back at Westgate Mall through the years
1950s Westgate Shopping Center
An aerial view of Madison’s West Side, which appears to show the future site of Westgate Mall. The belt line is from left to right in the lower part of the photo. The photo is undated but believed to be from the late 1950s. Westgate opened in 1960.
STATE NEWSPAPER ARCHIVES
Aerial view, 1959
Wisconsin Historical Society Image 103624
JC Penney in Westgate, 1960
The management team of the new JC Penney department store gather around spotlights specially designed for their jewelry counters.
Wisconsin Historical Society Image 104608
Inauguration, 1960
A nighttime view of Westgate Shopping Center was reflected in the window of a store in Montgomery Ward at the time of opening, when the center was still partially under construction.
Wisconsin Historical Society Image 105466
Montgomery neighborhood, 1960
Mr and Mrs Tony Krantz of Verona take part in a square dance at the open house of the new Montgomery Ward store on September 13, 1960.
Image from Wisconsin Historical Society 10584
SS Kresge store, 1960
Interior view of the SS Kresge store, which was the first to open in Westgate. This is photographed on March 9, 2960.
Wisconsin Historical Society Image 104796
Westgate parking lot, 1960
An elevated view of the Westgate Shopping Center car park on July 30, 1960. Storefronts are on the left and include Ragatz Shoes, Three Sisters, SS Kresge Co., Pearson and the Piggly Wiggly.
Wisconsin Historical Society Image
West Gate, 1965
The Westgate Shopping Center car park in August 1965.
Wisconsin Historical Society Image 40959
West Gate, 1974
Photo taken in March 1974.
Wisconsin Historical Society Image 107271
Westgate Shopping Centre, 1995
A Milwaukee company is taking over management of Westgate Mall above and Whitney Square in Odana Road and Whitney Way in Madison.
MEG THENO, STATE NEWSPAPER ARCHIVE
Westgate Shopping Centre, 1996
Westgate Mall’s $2 million facelift, shown here in June 1996, includes work on the mall’s exterior, interior and parking lot, the first update to the 34-year-old Far West Side mall since the early 1970s. The exterior is getting a new stucco finish, which will feature three shades of taupe. The parking lot is being redesigned, repaved and restriped, and new lights will be installed to improve light levels and traffic flow, said Stan Sapiro of Milwaukee-based Polacheck Co., which has taken over management of the mall last summer. The main entrance will feature a tree-lined pedestrian path. The interior renovation includes replacing flooring in common areas, new lighting and adding signs with a new mall logo. The 240,000 square foot mall is owned by RIK Inc., a Des Moines, Iowa-based real estate holding company.
L. Roger Turner, State Journal Archives
West Gate, 1996
Westgate Mall had a new logo and look inside, in October 1996, as part of a multi-million dollar renovation effort.
State Journal Archives
Westgate Shopping Center 1997
From Whitney Way, construction of the $10 million addition to Epic Systems Corp. appears to stem from Westgate Mall, shown here in March 1997. The addition nearly triples the size of Epic, which is located in the old Odana Schoolhouse at 5301 Tokay Blvd. , northeast of the mall.
L. Roger Turner, State Journal Archives
Westgate Shopping Center 2004
Crossing this busy median break, shown here in August 2004, on Whitney Way between Odana Road and Tokay Boulevard was one of the most precarious maneuvers Madison drivers could undertake in 2003. More accidents happened here than any other intersection in town.
JOSEPH W. JACKSON III, STATE NEWSPAPER ARCHIVE
Westgate Shopping Center 2005
Westgate Mall officials hope to increase customer traffic with the introduction of a new flagship store. The photo is from February 2005.
SARAH B. TEWS, STATE NEWSPAPER ARCHIVE
Westgate Shopping Center 2005
Westgate Mall, pictured February 17, 2005, near the central entrance, facing north.
SARAH B. TEWS
Westgate Shopping Center 2005
Cindy Brekken, back from left, Barbara Rosser, Cathy Gauthier and Joanne Gauthier stroll through Westgate Mall in December 2005.
DAVID SANDELL, Capital Times Archive
Westgate Shopping Center 2007
Madison Cosmetology College, formerly known as the Scientific College of Beauty and Barbering, was part of Westgate Mall for many years. It is presented here in February 2007.
STEVE APPS, STATE NEWSPAPER ARCHIVES
Westgate Shopping Center 2007
Empty storefront at Westgate Mall in April 2007.
MIKE DEVRIES, CAPITAL TIMES ARCHIVES
Famous Shoes, 2007
Famous Footwear in Westgate Mall, considered Madison’s first enclosed mall, is shown here in April 2007. Planned changes at the time included an infusion of new retail and construction at the Westgate Art Cinemas. The mall now leases more space to serve businesses and offices and is 91% leased to 33 retailers.
CAPITAL TIME ARCHIVES
Pearl bin, 2007
Bead Bin is featured at Westgate Mall in April 2007
CAPITAL TIME ARCHIVES
Marquee, 2007
Westgate Art Cinemas, an anchor in Westgate Mall, pictured in May 2007. It planned to serve alcohol soon and renovate its theater.
Capital Times Archive
Demolition, 2012
In this May 2012 photo, demolition is underway at the south end of Westgate Mall near Whitney Way and Odana Road to make way for a Hy-Vee grocery store.
CRAIG SCHREINER, STATE NEWSPAPER ARCHIVE
Make way for Hyvee, 2012
Demolition at Westgate Mall is pictured May 17, 2012. Space was being cleared for an 80,500 square foot grocery store run by Iowa-based Hyvee.
CRAIG SCHREINER, STATE NEWSPAPER ARCHIVE
Hyvee opens, 2013
The Westgate grocery store, introduced in May 2013, was Hy-Vee’s second in Madison.
MP KING-State Journal
Considering the redevelopment, 2016
Missouri-based RH Johnson is considering a redevelopment of Westgate Mall off South Whitney Way in Madison. When this photo was taken in June 2016, the center had approximately 24 vacant stores.
AMBER ARNOLD, State Journal Archives
Flood damage, 2018
On September 5, 2018, Tom Daniels walks past a pile of trading cards and other merchandise piled up outside his Baseball Card Shoppe at Westgate Mall. The 1,200 square foot store was flooded with nearly four feet of water in August, damaging much of its inventory.
AMBER ARNOLD, STATE NEWSPAPER ARCHIVE
Deserted mall, 2019
A sign in the nearly deserted Westgate Mall is displayed in May 2019.
BARRY ADAMS, STATE NEWSPAPER ARCHIVE
Empty interior, 2019
Interior of Westgate Mall on May 19, 2019.
BARRY ADAMS, State Journal Archives
West door, 2019
Shoppers leave Westgate Shopping Center after shopping at TJ Maxx on May 19, 2019. A 2016 plan to redevelop the property never materialized.
BARRY ADAMS, STATE NEWSPAPER ARCHIVE
