Investor Group Comments On Kohl's Earnings Announcement

An Investor Group said it believes that Kohl's Corp. (KSS) weak earnings and guidance are demonstrative of a Board comprised of directors lacking relevant retail expertise who are not in a position to provide the necessary oversight to help Kohl's get back on track. The group does not believe the company's recent results are indicative of a strategy that is succeeding.

The Investor Group, which consists of Macellum Advisors GP, LLC, Ancora Holdings, Inc., Legion Partners Asset Management, LLC, and 4010 Capital, LLC, beneficially owns14.95 million shares of common stock of Kohl's, constituting about 9.5% of Kohl's outstanding stock.

The Group noted that the company's decision to reinstate dividend below pre-pandemic levels contradict the progress the Board is touting; the company's attempt to focus market attention on narrow post-COVID time frame of five months ignores 1- 3- 5- and 10-year history of TSR underperformance.

The Group believes that a refreshed board must oversee the development of a robust road map to compete for market share broadly in the soft goods, discretionary sector.

Therefore, the Investor group said it has nominated nine independent candidates for election to the Company's Board of Directors at the 2021 annual meeting of shareholders.

The Investor Group stated that its nominees have the experience and track records to help reverse Kohl's chronic underperformance and history of failed initiatives - and to position Kohl's for success over the long-term.

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