MILWAUKEE— Kohl's announced exclusive sale talks with the retail holding company Franchise Group, Inc. (FRG). It proposed to buy the Wisconsin-based retailer for $60 a share or a price tag of roughly $8 billion.

In a press release Kohl's said its Board of Directors has entered into a three-week exclusive negotiation to allow FRG and its financing partners to finalize due diligence and financing arrangements and for the parties to complete the negotiation of binding documentation.

The Board of Directors for each company would have to approve any transaction. Kohl's also said in that press release there is no assurance any agreement will be reached or transaction agreed upon or completed.

Giorgo Sertsios, a professor with UW-Milwaukee's Lubar School of Business, pointed out there have been a lot of offers to buy Kohl's, but nothing concrete. 

So, what could a potential sale mean for customers?

Professor Sertsios said there's a lot of talk about whether Kohl's key assets, or real estate, would be used for a different purpose. "If that's the case, perhaps we can see different types of businesses on Kohl's real estate, but that's kind of a long term change in strategy," he said.

Professor Sertsios noted there's been a lot of pressure from shareholders, in particular a hedge fund that's pushing Kohl's to make changes because its stock price is lagging behind. "This is nothing in particular in my view with regards to Kohl's, Sertsios said.  "All large retailers are under the same type of pressure."

He also called Kohl's attractive for aquisitions because the company has "good assets and good real estate."

"I think a couple of months ago the offers were a bit higher but it wasn't clear where the financing was gonna come from," Professor Sertsios explained. "Just like with real estate if you have secure financing you can make an offer that is perhaps less attractive in the overall value but is more likely to go through."

Kohl's has more than 1,100 stores in 49 states.