Kohl's in talks to sell department store chain to new owner

Kohl's is negotiating with a potential new owner in a proposed $8 billion deal.

The Wall Street Journal reports the Franchise Group Inc. holding company that manages several other retail chains, including The Vitamin Shoppe, wants to buy Kohl's for about $60 a share.

Kohl's is the largest department store chain in the United States, with more than 1,100 stores and 100,000 employees around the country. There are 25 Kohl's stores in Massachusetts, and 11 in New Hampshire. 

Kohl's has been under pressure from activist investors to either improve the company's performance and its stock price or sell the company outright, as the chain has faced tough competition from Amazon and big box stores like Walmart and Target. The sale would be subject to approval by both companies' board of directors.