Kohl’s Confirms It Is Reviewing Multiple Offers To Sell Itself

After weeks of pressure from an activist investor, Kohl’s has confirmed that it is weighing offers from multiple parties that are interested in purchasing the company. The department store chain said in a Monday press release that it has hired Goldman Sachs to engage with potential bidders and discuss alternatives for the business. Kohl’s said in a separate letter to shareholders that it has engaged with over 20 parties. These proposals, Kohl’s said, are non-binding and without financial commitment. “Our board’s approach is robust and intentional, and the Board is committed to pursuing the path that it believes will maximize shareholder value,” Kohl’s said in the letter to shareholders. Macellum Advisors, which owns nearly 5% of shares at Kohl’s, has expressed skepticism about the future of the company, given its current board of directors and perfomance compared to retail peers. Macellum, which has asked Kohl’s to consider taking an offer to sell its business, last month said that it would nominate 10 candidates for election to the company’s board of directors at the annual shareholder meeting on May 11, 2022. “Macellum is seeking to take control of your Board with a slate of nominees that have inferior capabilities and are not equipped to create

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