Kohl’s gains as activist investors seek to dress his board
Kohl’s actions gained more than 10% on Monday after rallying more than 8% at a 52-week high on Friday, a group of activist investors including Macellum Advisors, Ancora Holdings and Legion Partners Asset Management said the company was not moving fast enough to streamline operations and recover .
The group, which owns an approximate 9.5% stake in Kohl’s, earlier this year appointed nine directors to join Kohl’s 12-person board. Campaigners have sought to place experienced retailers on the board to work with CEO Michelle Gass, and want her to consider a sale and leaseback of some non-essential real estate, a person familiar with the matter told the Wall Street Journal .
Like other large U.S. retailers, Kohl’s struggled when the pandemic took hold in early 2020, although the retailer struggled before the pandemic closed its doors, recording a decline of around $ 1. 3% of total turnover during the year ended February 2020.
“Kohl’s board and management have been in discussions with the investor group since early December and we remain open to new ideas,” Kohl’s said in a statement.