Department store Kohl's has stepped off the sales block due to economics and the fact it still has enough money to keep operating.

The news comes just about a month after Kohl's announced it was in talks with Franchise Group Inc., in what one report claimed could be an $8 billion acquisition.

"Despite a concerted effort on both sides, the current financing and retail environment created significant obstacles to reaching an acceptable and fully executable agreement," Peter Boneparth, chair of the Kohl's board, said in a press release. He said the brand "remains open to all opportunities to maximize value for shareholders."

In April there was a report that Simon Property Group, owner of JCPenney, was making a play to buy the retailer.

The not-for-sale move by Kohl's came as no surprise to one industry analyst.

"Kohl's management never really wanted to sell the business, favoring instead to follow their own strategic plans," Neil Saunders, managing director of GlobalData, wrote in an industry note, according to a CNN report. "They entertained Franchise Group as it was the least worst option and would have kept the company intact and some of the current management in place, but they will not likely mourn the termination of talks."

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