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Kohl’s shares soar as activist investor group looks to add 9 directors to board

February 22, 2021


Kohl’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’s board, looking to turn the business around and boost its stock.

The group consisting of Macellum Advisors, Ancora Holdings, Legion Partners Asset Management and 4010 Capital owns a combined 9.5% stake.

The investors want Kohl’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.

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