By Svea Herbst-Bayliss

BOSTON (Reuters) -Activist funding agency Macellum Advisors GP LLC on Monday urged Kohl’s (NYSE:) Inc to be extra open about its gross sales course of, urging the retailer to present bidders and shareholders a fuller monetary image of itself.

The agency, in a letter to Kohl’s board, requested the corporate to say when it plans to simply accept remaining bids and clarify how a lot entry potential consumers should administration and knowledge to form their gives. It additionally requested Kohl’s to pre-release first-quarter monetary outcomes earlier than subsequent month’s annual assembly.

    Macellum, which has 5.4% stake within the retailer, is pushing to take management of Kohl’s board and needs the corporate to promote itself, arguing {that a} new “capital-intensive” three-year standalone technique is hurting the share worth.

Kohl’s mentioned its board is “thoughtfully and totally evaluating proposals to appreciate full and honest shareholder worth and weighing these towards the value-creation potential of a compelling strategic plan.” The corporate mentioned it won’t let Macellum drive “course of choices.”

Kohl’s share worth, which traded at $60.54 on Monday, has climbed just lately as a result of buyers are holding out for a sale, Macellum mentioned. However the funding agency additionally accused the retailer’s board of “placing its thumb on the size to maintain Kohl’s mired in operational mediocrity” and mentioned administrators squandered their credibility with shareholders by a secretive and complicated gross sales course of.

“A lot of sizable shareholders have knowledgeable us that they’re extraordinarily pissed off with the Board’s poorly communicated course of,” the letter mentioned.

Kohl’s final month mentioned it had contact with greater than 20 events and had signed confidentiality agreements with some.

No less than three events, together with luxurious division retailer operator Hudson (NYSE:)’s Bay Firm, non-public fairness agency Sycamore Companions and a bunch that features Acacia Analysis Corp, a holding firm for enterprise managed by activist hedge fund Starboard Worth LP, have made bids for Kohl’s, which is valued at $7.8 billion, sources mentioned. Some have supplied to pay as a lot as $70 a share, the sources mentioned.

A number of bidders expressed issues concerning the pace of the sale course of and their skill to entry info for diligence functions, the sources added.

    Representatives for the bidders declined to remark.