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Macellum nominates 10 to retailer Kohl’s board-sources -Breaking

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© Reuters. FILE PHOTO: The Kohl’s label is seen on a shopping basket in a Kohl’s department store in the Brooklyn borough of New York, U.S., January 25, 2022. REUTERS/Brendan McDermid/File Photo

By Svea Herbst-Bayliss

BOSTON, (Reuters) – Macellum Advisors GP LLC (activist investor) is trying to control Kohl’s Corp (NYSE.:)’s board. According to two sources familiar with the matter, they have nominated 10 directors.

Macellum is led by Jonathan Duskin. He has criticised Kohl’s insufficient efforts to improve their business, and has called for Kohl to be sold.

Duskin privately stated that Kohl’s fourteen-member board was too big and too ingrained to implement the necessary changes to boost the stock’s share price. Duskin said the company should have shareholders on its board, and that he proposed himself as well as nine others.

Bloomberg published the news that Macellum nominated 10 people Thursday.

After being part of the consortium which sought to replace nine members, Macellum now nominates Kohl’s directors for the second consecutive year.

When Kohl’s grew its eleven-member board to include three directors, the investors accepted that they would not be held responsible.

Reuters published December’s report that Macellum planned to nominate directors. In January, the firm press Kohl’s for at most one seat on the board. A public statement by the company stating that it is looking into strategic options was also reported by Reuters.

Kohl rejected last week two offers to buy the company for $9 billion. Duskin stated that he was shocked and disappointed by Kohl’s quick rejection of the confirmed signals of interest.

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