- Kohl's ( NYSE: KSS ) rose 1.7% in premarket trading amid a report that activist investor Macellum Advisors is said to renew a call for board changes at the department store chain.
- Macellum, which has a ~5% stake in the retailer, is said to be pressuring the company to replace three or more if its long-tenured board members, including its chairman, according to a WSJ report from late Wednesday, which cited people familiar. The hedge fund has had unsuccessful discussions with Kohl's over the past few months to come to an agreement over the board changes.
- The push comes after Kohl's shares have plunged 26% since Kohl's ended a strategic review and potential sale of itself to Vitamin Shoppe owner Franchise Group ( FRG ) in early July after activist investors had pushed the company to sell itself.
- The renewed push from Macellum comes after Kohl's ( KSS ) i nvestors reject all 10 of activist Macellum's nominees at the department store chain's annual meeting in May.
- The Macellum report comes as activist investor Ancora Holdings last month begun advocating for the the ouster of the retailers' CEO and board chairman.
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Kohl's gains amid report activist renews push for board shakeup