A group of activist investors has something to say about Kohl.
According to the Wall Street Journal, Macellum Advisors GP, Ancora Holdings, Legion Partners Asset Management and 4010 Capital are trying to control the company’s board of directors and influence its trajectory.
Together, the group owns a 9.5 percent stake in Kohl. At the beginning of this year, she nominated nine people to the retail board for 12 people.
Investors are now urging Kohl to hire a director with retail experience. They also recommend Kohl’s to consider leasebacking more than $ 7 billion in real estate and reducing inventories and improving offers and discounts.
Kohl replied that he was already implementing some of the proposed initiatives. The company has added six new independent directors since 2016. It has rejected some of the other proposed changes.
Kohl’s has been negotiating with activist investors since the beginning of December.
Although Kohl was hurt by the pandemic, her wounds precede her, as in other department stores. On the positive side, its location is not located in shopping centers, which have seen a decline in traffic in recent years, especially during Covid.
[WSJ] – Sasha Jones