An Activist Investor is Pressuring Kohl’s to Consider Selling Itself

Macellum Advisors, which owns nearly 5% of shares at Kohl’s, is asking the company consider taking an offer to sell its business. In an open letter to the Kohl’s board on Tuesday, the activist investor advised the company to strongly consider a sale of the company and also asked for Kohl’s to put a Macellum representative on the board. “Though we believe Kohl’s could be a source of significant value with a significantly refreshed Board, improved execution and an optimized balance sheet, we feel the best risk-adjusted path forward for shareholders right now is a credible and open process to evaluate a full sale of the Company at an attractive premium,” wrote Macellum managing partner Jonathan Duskin in the letter. The news comes a day after Kohl’s confirmed that it has received offers from two firms looking to acquire the company. Sycamore, a private equity firm, is looking to pay around $65 per share for Kohl’s, CNBC reported. Acacia Research also reportedly offered to pay about $64 a share for the department store chain. According to reports, both groups would aim to sell Kohl’s property to raise funds via a partnership with Oak Street Real Estate Capital. “The Kohl’s Board of Directors will determine

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