NEW YORK, NY (AP)— An activist investor that has been pressing department chain Kohl’s to make changes to turn around its business is now upping the ante.
Macellum Advisors GP, LLC, has nearly 5 percent of the outstanding common shares of Kohl’s. It’s pushing the company to oust some of its long-term directors, including its chairman Peter Boneparth, which it says represents a “shadow board.”
The latest efforts come as Kohl’s is grappling with weak sales, a droopy stock value and a failed sale of its business. Macellum said there’s an urgent need for change now, rather than waiting another eight months for another contested election at next year’s board meeting.
