Macellum Issues Letter to the Kohl’s Board Regarding the Need to Immediately Appoint a Shareholder Representative to Support a Credible Review of Strategic Alternatives
Summary
The public letter we issued last week encouraged the Board to initiate a comprehensive review of strategic alternatives, including a potential sale of Kohl’s to one of the many well-capitalized financial sponsors that we believed were – and remain – interested in acquiring the Company. Macellum Capital Management is an activist investment firm, with deep expertise in the retail and consumer sectors, founded in 2009 by Jonathan Duskin. Macellum’s investment team, advisors and network of industry experts draw upon their extensive strategic, operating and boardroom experience to assist companies in designing and implementing initiatives to improve long-term shareholder value. Macellum has run successful election contests to effectuate meaningful change at many companies, including at The Children’s Place Inc., Citi Trends, Inc., Bed Bath and Beyond and Big Lots, Inc. Certain Information Concerning the Participants Macellum Badger Fund, LP, a Delaware limited partnership (“Macellum Badger”), together with the other participants named herein, intends to nominate director candidates and file a preliminary proxy statement and accompanying WHITE proxy card with the Securities and Exchange Commission (“SEC”) to be used to solicit votes for the election of its slate of highly-qualified director nominees at the 2022 annual meeting of shareholders of Kohl’s Corporation, a Wisconsin corporation (the “Company”).