Macellum Advisors GP, LLC, a long-term holder of nearly 5% of the outstanding common shares of Kohl's (KSS), urged Kohl's Board to publicly commit to carrying out a robust process to review strategic alternatives. Macellum advised the Board to form a special committee of independent directors to oversee the review, retain advisors and solicit proposals from all interested bidders. It also asked the Board to invite a Macellum representative to lead the special committee.
"We hope the Board responds to us in a constructive and timely manner. However, we reserve our right to hold the current directors accountable through an election contest or the appropriate legal channels if the Board chills a value-maximizing sales process," Macellum stated.
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