Kohl’s Faces Proxy Battle from Activist Investors
A group of investors holding about 9.5% of KSS shares lambasted the retailer for poor strategy and execution and has nominated a slate of nine candidates for the company’s board of directors. The investor group includes Macellum Advisors, Ancora Holdings, Legion Partners, and 4010 Capital, all firms with strong activist bona fides, some of which were involved with the challenge to Perry Ellis six years ago and Bed Bath & Beyond more recently. It blames Kohl’s board and management for a 44% drop in operating profits between 2011 and 2019 and a chronically underperforming stock price. The group also notes ... Log in to view full article.