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Kohl's Urges Shareholders To Vote For All Of Its Director Nominees

Kohl's Corp. (KSS) urged its shareholders to vote for all 12 of its Director nominees.

The company's Annual Meeting of shareholders is scheduled to be held on May 12, 2021. Kohl's shareholders of record as of the close of business on March 24, 2021 will be entitled to vote at the Annual Meeting.

Kohl's noted that Activists have not presented any new value-enhancing ideas. Many of the ideas they have raised were well underway at Kohl's for some time or were otherwise addressed in October strategy announcement.

Kohl's stated that the only proposal the Activists have offered that the company is not currently pursuing is a form of short-term financial engineering - a sale-leaseback transaction. It would be an inefficient means to access capital for Kohl's given current market conditions, and as a result would destroy shareholder value.

Kohl's warned that the sale-leaseback transaction would add operating risk ---e.g., by increasing rent expense and leverage-- and would likely negatively impact investment-grade rating.

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