Jewelry Television will halt its $20 million headquarters project in Knox County, Tenn., according to media reports.

Todd Napier, vice president of the Development Corporation of Knox County, said Friday that the Knoxville-based cable channel told the organization that it’s not in a position to move forward on the deal, the Knoxville News Sentinel reports. However, Napier said the company has every intention of staying in the area.

In 2005, the Knox County Commission approved a 20-year tax break for the company, in connection with a planned 300,000-square-foot headquarters at the Pellissippi Corporate Center, the newspaper reports.

JCK