A deal to purchase Ivanka Trump and her clothing line, Ivanka’s brand, at Walmart was dead after the company pulled the deal.
The retailer announced the decision Friday afternoon.
The move comes after the New York Times reported that the family was being offered $7 million for the business and $5 million for merchandising and marketing rights, and that the Ivanka Trump brand was being valued at $5.8 billion.
The purchase comes as Walmart is looking to diversify its businesses and focus more on selling low-priced merchandise.
Walmart stock fell as much as 5% after the news broke.
The sale of the clothing and merchandise company would have been the second-largest Walmart purchase of all time.
Earlier this month, the company announced a $3 billion investment in its technology and robotics division, which would be focused on artificial intelligence and robotics.