Macellum Capital Management accused KSS’ executive team and board of mismanagement, calling 2021 a “lost year” in a letter sent to the company that demands changes to the board composition and the exploration of strategic alternatives. Macellum owns about 5% of KSS shares, and was among four investment funds that waged a proxy battle with the retailer last spring, which was ultimately abandoned after it agreed to add three new directors and expand its stock buyback program. Since then, shares have dropped by 22% to around $50, which Macellum says is about half of where they should be priced if ... Log in to view full article.