×
69 088
Fashion Jobs
NORDSTROM
Asset Protection Agent - San Tan Village Rack
Permanent · Gilbert
NORDSTROM
Asset Protection Agent - Cascade Station Rack
Permanent · Portland
NORDSTROM
Asset Protection Agent - Desert Ridge Marketplace Rack
Permanent · Phoenix
ROSS STORES
Store Protection Specialist
Permanent · River Grove
ROSS STORES
Store Protection Specialist
Permanent · Honolulu
ROSS STORES
Store Protection Specialist
Permanent · Long Beach
ROSS STORES
Store Protection Specialist
Permanent · Hialeah
ROSS STORES
Store Protection Specialist
Permanent · Philadelphia
ROSS STORES
Store Protection Specialist
Permanent · San Fernando
ROSS STORES
Store Protection Specialist
Permanent · Boynton Beach
ROSS STORES
Store Protection Specialist
Permanent · Los Angeles
ROSS STORES
Store Protection Specialist
Permanent · Carrollton
ROSS STORES
Store Protection Specialist
Permanent · Dallas
ROSS STORES
Store Protection Specialist
Permanent · West Allis
ROSS STORES
Store Protection Specialist
Permanent · Markham
NORDSTROM
Asset Protection - Coordinator - Portland Distribution Center
Permanent · Portland
MACY'S
Asset Protection Detective, Carlsbad Plaza Camino Real - Full Time
Permanent · Carlsbad
MACY'S
Asset Protection Detective, Park Meadows - Standard Part Time
Permanent · Lone Tree
MACY'S
Asset Protection Detective, Woodbridge Center - Full Time
Permanent · Woodbridge Township
MACY'S
Asset Protection Detective, Fashion Valley - Full Time
Permanent · San Diego
MACY'S
Asset Protection Detective - Overnight, Herald Square - Flex
Permanent · New York
MACY'S
Asset Protection Detective, Mall of New Hampshire - Full Time
Permanent · Manchester
By
Reuters
Published
Dec 10, 2021
Reading time
2 minutes
Share
Download
Download the article
Print
Click here to print
Text size
aA+ aA-

Activist investor Macellum prepares Kohl's board challenge, sources say

By
Reuters
Published
Dec 10, 2021

Activist hedge fund Macellum Advisors GP LLC is planning to nominate directors to Kohl's Corp's board because it believes the U.S. retailer has not done enough to improve its business, two people familiar with the matter said.


Reuters



It would be the second time that Macellum has pushed for changes at Kohl's. It sought to replace nine board directors earlier this year in a campaign conducted with hedge funds Ancora Holdings Inc and Legion Partners Asset Management LLC.

The investors agreed to drop that challenge when Kohl's expanded its 11-member board by three directors.

Macellum, which is run by hedge fund veteran Jonathan Duskin, is preparing a slate of nominees with retail and operating experience to again challenge the Kohl's board early next year, the sources said.

The firm is concerned about Kohl's languishing stock price and the fact that public markets are not valuing the bricks and mortar retailer properly despite its ample free cash flow and efforts made by management.

Kohl's stock is trading roughly where it was a decade ago. If the board had new directors with more operational experience, the company might be able to pursue steps like betting more on ecommerce or selling its real estate to improve the stock price, the people said.

The sources requested anonymity because the matter is confidential. Duskin declined to comment and a Macellum spokesman said a standstill agreement with Kohl's, which expires Jan. 11, prevents the fund from making any statement.

It was not clear whether Ancora and Legion might again be part of a group. Ancora did not respond to a request for comment and Legion could not be reached for comment.

A spokesman for Kohl's was not immediately available for comment.

Kohl's already faces pressure from another activist shareholder, Engine Capital. The firm, run by Arnaud Ajdler, urged Kohl's this week to sell itself or consider separating its e-commerce business.

"My number one priority, the number one priority of the board, is to drive shareholder value," CEO Michelle Gass told CNBC on Wednesday.

Kohl's shares have risen 26% this year, trailing gains made by rival retailers like Macy's, whose stock price has jumped 143%.

As part of the settlement with the hedge funds earlier this year, Kohl's added former Lululemon CEO Christine Day, Thomas Kingsbury, a former CEO of Burlington Stores, and Margaret Jenkins, a restaurant industry veteran, to its board.

Headquartered in Menomonee Falls, Wisconsin, Kohl's has 1,162 stores in the United States and a market value of $7.7 billion.

© Thomson Reuters 2022 All rights reserved.