Engine Capital LP, which owns about 1% of KSS’ equity, issued a letter to the mass merchant’s board of directors pushing for a sale of the company or a spin-off of its e-commerce operations to boost its value. The hedge fund notes that since Michelle Gass took over as CEO in 2018, Kohl’s total shareholder turn is a negative 10.5% and the stock has lagged the S&P 500 by 90% and competitors by 19.1%. Engine’s first proposal is spinning off e-commerce to get in line with a public market that is “growing increasingly fond of simpler, more defined corporate structures.” ... Log in to view full article.