The ongoing European financial crisis appears to be weighing on Regis Corporation’s plans to sell its minority stake in Paris-based Provalliance.

Edina-based Regis in April announced that it had entered into an agreement to sell its 46.7 percent stake in Provalliance—the largest hair salon company in Europe—for 80 million euros to the Provost family, the majority owners and operators of the business. At the time of the announcement, that purchase price translated to more than $105 million.

A recent report by the Star Tribune, however, points out that as time has progressed, the deal has become less valuable.

As turmoil persists amid European financial markets and countries like Greece have received bailout packages (and others, like Spain, appear poised to follow suit), the euro has weakened in comparison to the dollar. In fact, Regis’ 80 million-euro deal has already dropped in value to less than $101 million.

And it could potentially decline further: Regis said in an April filing with the U.S. Securities and Exchange Commission that the deadline for the deal is September 30.

Furthermore, Regis said in the filing that the deal is “subject to the Provost Family securing financing for the purchase price.”

A decline in the relative value of the deal is obviously bad news for Regis, which has struggled in recent years and said that divesting Provalliance is “part of our ongoing evaluation of non-core assets.” Last fall—after Regis lost a contentious proxy battle with an activist investor—the company announced plans to lower expenses by $40 million to $50 million over the next two fiscal years. Regis also said it plans to reduce its 50 store brands by at least half by converting stores from underperforming brands to those that are better-performing.

Regis is among Minnesota’s 20-largest public companies based on sales, which totaled $2.3 billion for its most recently completed fiscal year.