Activist investors have reportedly nominated 9 directors to Kohl's board

<bi-shortcode id="summary-shortcode" data-type="summary-shortcode" class="mceNonEditable" contenteditable="false">Summary List Placement</bi-shortcode><p>A group of activist investors with about 9.5% stake in Kohl's is attempting to take control of the department store chain's board, <a href="https://www.wsj.com/articles/activist-investors-nominate-nine-directors-to-kohl-s-board-11613952000'mod=hp_lead_pos2">The Wall Street Journal</a> reported on Sunday.</p><p>Investors including Macellum Advisors GP, Ancora Holdings, Legion Partners Asset Management, and 4010 Capital nominated nine people to its now-12-person board earlier this year, the newspaper said, citing people familiar with the matter.</p><p>These activist investors are calling on Kohl's to take a range of actions, including adding directors with retail experience who can work with Michelle Gass, the company's CEO. They are also asking Kohl's to consider a sale-leaseback of some of its more than $7 billion in noncore real estate, the Journal said, citing people familiar with the matter and a letter viewed by the outlet, which the group plans to send to shareholders.</p><p>Neither the size of the investors' stake nor the board bid was previously known, WSJ said.</p><p>The group also is calling on Kohl's to reduce inventory levels while improving offerings and make discounts and promotions easier for customers to follow, the newspaper added.</p><p>A Kohl's representative told Reuters that the company's board and management team have been engaged in discussions with the investor group since early December and "remain open to hearing new ideas."</p><p>The investor group's nominees to Kohl's board include Macellum Chief Jonathan Duskin and former Burlington Stores Inc CEO Thomas Kingsbury, according to WSJ.</p><p>In April 2019, <a href="https://www.businessinsider.com/bed-bath-and-beyond-criticized-by-activist-investors-2019-4">Legion Partners, Macellum Capital Management, and Ancora Advisors also released a brutal presentation slamming Bed Bath &amp; Beyond's leadership</a>. Slide after slide of the presentation described different parts of the company that the activist investors believed to be "broken," <a href="https://www.businessinsider.com/bed-bath-and-beyond-criticized-by-activist-investors-2019-4">Insider's Kate Taylor</a> reported.&nbsp;</p><p>In response, the company said&nbsp;it would cut approximately 7% of its corporate staff as part of its "business transformation," following a review of its office cost structure.</p><p><a href="https://www.businessinsider.com/activist-investors-nominate-nine-directors-to-kohls-board-wsj-2021-2#comments">Join the conversation about this story &#187;</a></p>
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