×
71 727
Fashion Jobs
MACY'S
Asset Protection Detective, Menlo Park - Full Time
Permanent · Edison
MACY'S
Manager, Merchandise Execution
Permanent · East Wenatchee
JCPENNEY CAREERS 2018
Product Manager - Customer Service Application & Associate Fulfillment Tools
Permanent · Plano
ROSS STORES
IT Manager i (Supply Chain)
Permanent · Shafter
ROSS STORES
IT Manager i (Supply Chain)
Permanent · Brookshire
ROSS STORES
Purchasing Supervisor
Permanent · Dublin
ROSS STORES
Store Protection Specialist
Permanent · Holmes
ROSS STORES
Store Protection Specialist
Permanent · Medford
ROSS STORES
District Manager
Permanent · Bakersfield
ULTA BEAUTY, INC.
Retail Operations Manager
Permanent · San Leandro
UNIQLO
Human Resources Coordinator - Emeryville, ca
Permanent · Emeryville
UNIQLO
Loss Prevention Supervisor- Westfield Valley Fair Mall
Permanent · Santa Clara
UNIQLO
Loss Prevention Agent (Full-Time) - Santa Monica Place
Permanent · Santa Monica
UNIQLO
Soho- Loss Prevention Agent
Permanent · New York
UNIQLO
Loss Prevention Agent (Full-Time) - Willowbrook Mall
Permanent · Wayne
UNIQLO
Visual Merchandising Manager- Great Mall, Milpitas ca
Permanent · Milpitas
UNIQLO
Loss Prevention Agent (Full-Time) - The Bloc
Permanent · Los Angeles
UNIQLO
Loss Prevention Manager
Permanent · New York
UNIQLO
Loss Prevention Agent (Full-Time) - Atlantic Terminal
Permanent · New York
UNIQLO
Loss Prevention Supervisor
Permanent · New York
UNIQLO
Loss Prevention Supervisor- Bay Street
Permanent · Emeryville
UNIQLO
Uniqlo Loss Prevention Agent- Chestnut Street
Permanent · Philadelphia
By
Reuters
Published
Aug 14, 2022
Reading time
2 minutes
Share
Download
Download the article
Print
Click here to print
Text size
aA+ aA-

Starboard slashes stake in Kohl's after seeking to buy it in January

By
Reuters
Published
Aug 14, 2022

Activist hedge fund Starboard Value, which had offered to buy Kohl's Corp for roughly $9 billion early this year, slashed its stake in the department store by more than 80% in the second quarter, according to a regulatory filing on August 12.


Reuters


Starboard sold 2.8 million shares during the quarter, leaving it with 535,029 shares on June 30.

It first invested in Kohl's during the first quarter of 2022 and the firm owned 2.59% of the company's stock, making it a top 10 holder. Investment managers are beginning to release their quarterly holdings before Monday's so-called 13-F filing deadline which details what they owned in US-based companies on June 30.

In early January, before takeover talk for Kohl's heated up, the stock traded around $50 a share. On Friday, Kohl's shares closed at $33.18.

On July 1, Kohl's said it had called off its sale to Franchise Group, sending the company's shares tumbling.

Starboard-backed Acacia Research Corp in January offered to buy Kohl's for $64 a share and told the company it had assurances of obtaining financing for the deal. Kohl's rejected Starboard's overtures.

Months later the company agreed to negotiate exclusively with Franchise Group Inc, which owns Vitamin Shoppe and Buddy's Home Furnishings. In late June, Franchise Group cut its offer for Kohl's to $53 and by the end of the month the company called off the planned deal, citing market volatility which had made financing conditions difficult.

Kohl's defeated hedge fund Macellum Advisors' proxy contest to win board seats in part with arguments that the current board should oversee the sales process which was ongoing.

© Thomson Reuters 2022 All rights reserved.