Group nominates 9 people to 12-member board

A group of activist investors has a big stake in Kohls Corp. and is attempting to take control of the department-store chains board, according to people familiar with the matter.A group that includes activists Macellum Advisors GP LLC, Ancora Holdings Inc. and Legion Partners Asset Management LLC, as well as 4010 Capital LLC, controls a combined 9.5% stake in Kohls and earlier this year nominated nine people to its now-12-person board, the people said.Neither the size of the stake nor the board bid previously has been revealed.
The trio of activists, which previously teamed up on a campaign that remade the board of housewares retailer Bed Bath & Beyond Inc.
 thinks Kohls
isnt moving fast enough to address stagnant sales and declining operating margin, issues that predate the pandemic, the people said.
The companys operating margin fell to 6.1% in 2019 from 11.5% in 2011, while its sales were little changed. Then the coronavirus pandemic hit, and total revenue fell 25% to $9.8 billion in the nine months ended Oct. 31. Losses for the period totaled $506 million compared with a profit of $426 million a year before.
Kohls is set to report its fourth-quarter and full-year 2020 results March 2.
An expanded version of this report appears on
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