The four activist funds waging a proxy battle to gain five seats on the mass merchant’s board released another broadside leveled at KSS’ management, as it seeks to gain shareholder votes at the May 12 annual meeting. The group, which consists of Macellum Advisors, Ancora Holdings, Legion Partners, and 4010 Capital, countered Kohl’s claim of growing sales momentum by pointing out that its revenues were down 11% in H2 ’20 against a 5% increase at other off-mall retailer peers. Kohl’s new strategic framework, introduced in Oct. 2020, has an even lower operating margin target of 7-8% than the 9% target ... Log in to view full article.