Highlights Company’s Share Price Plunged 9% Yesterday – Far More Than Relevant Peers1 – Ahead of Wednesday’s Annual Meeting, Following Recent Publicly Disclosed Voting Reports by Large Stockholders Supporting Management’s Slate
Fears the Ongoing Destruction of Billions or Hundreds of Millions of Dollars in Value Could be Permanent and Result in Prospective Bidders Modifying or Reducing Offers
Urges Shareholders Who Recognize the Value of Electing Candidates from Both Slates to Utilize a Legal Proxy – Which is Akin to a Universal Proxy – to Vote FOR a Subset of Macellum’s Slate Such as Candidates Endorsed by ISS
Notes Public Institution CalSTRS Has Publicly Disclosed Its Support For ALL of Macellum’s Nominees
NEW YORK--(BUSINESS WIRE)-- Macellum Advisors GP, LLC (together with its affiliates, “Macellum” or “we”), a long-term holder of nearly 5% of the outstanding common shares of Kohl’s Corporation (NYSE: KSS) (“Kohl’s” or the “Company”), today highlighted the following points in connection with its campaign to elect highly qualified and independent candidates to the Company’s Board of Directors (the “Board”) at tomorrow’s Annual Meeting of Shareholders (the “Annual Meeting”):
Macellum would also like to take this opportunity to thank the California State Teachers’ Retirement System, which safeguards the financial futures of scores of public employees, for its decision to vote for the firm’s nominees.
About Macellum
Macellum Capital Management is an activist investment firm, with deep expertise in the retail and consumer sectors, founded in 2009 by Jonathan Duskin. Macellum invests in undervalued companies that it believes can appreciate significantly in value as a result of a change in corporate strategy or improvements in operations, capital allocation or corporate governance. Macellum’s investment team, advisors and network of industry experts draw upon their extensive strategic, operating and boardroom experience to assist companies in designing and implementing initiatives to improve long-term shareholder value. Macellum prefers to constructively engage with management to improve its governance and performance for the benefit of all stockholders. However, when management is entrenched, Macellum has run successful proxy contests to effectuate meaningful change. Macellum has run successful election contests to effectuate meaningful change at many companies, including at The Children’s Place Inc., Citi Trends, Inc., Bed Bath and Beyond and Big Lots, Inc. Learn more at www.macellumcapitalmanagement.com.
1 Peers reflect retailers such as Macy's Inc. (NYSE: M) and Dillard's Inc. (NYSE: DDS). 2 Permission to quote ISS was neither sought nor obtained.
View source version on businesswire.com: https://www.businesswire.com/news/home/20220510006059/en/
For Investors: Saratoga Proxy ConsultingJohn Ferguson / Joe Mills, 212-257-1311 info@saratogaproxy.com For Media: Longacre Square PartnersGreg Marose / Bela Kirpalani, 646-386-0091 macellum@longacresquare.com
Source: Macellum Advisors GP, LLC