{"id":107655,"date":"2021-02-22T13:52:03","date_gmt":"2021-02-22T13:52:03","guid":{"rendered":"https:\/\/fin2me.com\/?p=107655"},"modified":"2021-02-22T13:52:03","modified_gmt":"2021-02-22T13:52:03","slug":"kohls-shares-soar-as-activist-investor-group-looks-to-add-9-directors-to-board","status":"publish","type":"post","link":"https:\/\/fin2me.com\/business\/kohls-shares-soar-as-activist-investor-group-looks-to-add-9-directors-to-board\/","title":{"rendered":"Kohl&#x27;s shares soar as activist investor group looks to add 9 directors to board"},"content":{"rendered":"<ul>\n<li>Kohl&#x27;s shares soar after activist investors with a combined 9.5% stake nominated nine directors to the company&#x27;s board.<\/li>\n<li>The group consists of Macellum Advisors, Ancora Holdings, Legion Partners Asset Management and 4010 Capital.<\/li>\n<li>The investors want to add directors with deep retail experience, cut executive compensation, slash inventory levels and consider selling noncore real estate.<\/li>\n<li>Kohl&#x27;s says it has been in talks with the group since early December.<\/li>\n<\/ul>\n<p>Kohl&#x27;s shares soared more than 9% in premarket trading Monday after a group of activist investors confirmed it has nominated nine directors to the company&#x27;s board, looking to turn the business around and boost its stock.<\/p>\n<p>The group consisting of Macellum Advisors, Ancora Holdings, Legion Partners Asset Management and 4010 Capital owns a combined 9.5% stake.<\/p>\n<p>The investors want Kohl&#x27;s to add directors with deep retail experience, cut executive compensation, slash inventory levels and consider selling some of its noncore real estate. They estimate the real-estate assets could yield between $7 billion and $8 billion.<\/p>\n<p>The group is hoping to drive the stock price more than two-times higher than current levels, through a sale-leaseback program for $3 billion worth of real estate, and a major share repurchase program, it explained in a letter sent to Kohl&#x27;s stockholders on Monday.<\/p>\n<p>Kohl&#x27;s business was struggling even prior to the Covid pandemic, as the retailer ceded customers to online players like Amazon, and big-box companies like Target and Walmart. But losses have mounted especially over the past year, as many Americans have stayed at home during the pandemic. Kohl&#x27;s total revenue fell 25% to $9.8 billion in the nine months ended Oct. 31, while its losses totaled $506 million, compared with a profit of $426 million one year prior.<\/p>\n<p>Current CEO Michelle Gass, a former Starbucks executive, took over for Kevin Mansell in 2018. Some of her initiatives include expanding an Amazon returns service in Kohl&#x27;s stores, and adding hundreds of Sephora beauty shops to stores, which will begin to rollout later this fall.<\/p>\n<p>A spokeswoman for Kohl&#x27;s told CNBC in an emailed statement that the retailer&#x27;s board and its management team have been engaged in talks with the investor group since early December.<\/p>\n<p>&quot;We remain open to hearing new ideas,&quot; she said. &quot;Kohl&#x27;s is deeply committed to enhancing shareholder value.&quot;<\/p>\n<p>The group&#x27;s nominees include Macellum Chief Executive Jonathan Duskin, former Burlington Stores CEO Thomas Kingsbury, and former Denny&#x27;s Chief Marketing Officer Margaret Jenkins.<\/p>\n<p>Legion, Macellum and Ancora previously teamed up to remake the board at Bed Bath &amp; Beyond.<\/p>\n<p>As of Friday&#x27;s market close, Kohl&#x27;s shares are up nearly 20% from a year ago. With a market cap of about $8.3 billion, Kohl&#x27;s has grown to be larger than Nordstrom and Macy&#x27;s.<\/p>\n<p>Kohl&#x27;s is set to report its fourth-quarter results on March 2.<\/p>\n<p>Read the full letter from the investor group.<\/p>\n<p>Source: <a href=\"https:\/\/www.cnbc.com\/2021\/02\/22\/kohls-shares-soar-as-activist-investor-group-seeks-board-takeover.html\" target=\"_blank\" rel=\"noopener noreferrer\">Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Kohl&#x27;s shares soar after activist investors with a combined 9.5% stake nominated nine directors to the company&#x27;s board. The group consists of Macellum Advisors, Ancora [&#8230;]<\/p>\n","protected":false},"author":3,"featured_media":107654,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Kohl&#x27;s shares soar as activist investor group looks to add 9 directors to board - Fin2me<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/fin2me.com\/business\/kohls-shares-soar-as-activist-investor-group-looks-to-add-9-directors-to-board\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Kohl&#x27;s shares soar as activist investor group looks to add 9 directors to board - Fin2me\" \/>\n<meta property=\"og:description\" content=\"Kohl&#x27;s shares soar after activist investors with a combined 9.5% stake nominated nine directors to the company&#x27;s board. 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