Retail holding company Franchise Group is weighing lowering its bid for Kohl's to closer to $50 per share from about $60, according to a person familiar with the deal talks.

Franchise Group shares ended the day up about 1% at $36.08 per share.

Franchise Group, owner of The Vitamin Shoppe and other retailers, is actively considering whether buying Kohl's is the best use case of Franchise Group's capital, said the person, who asked to remain anonymous since the conversations are private and ongoing.

Earlier this month, Franchise Group proposed a bid of $60 per share to acquire Kohl's at a roughly $8 billion valuation.

Representatives for Kohl's and Franchise Group didn't immediately respond to CNBC's requests for comment?