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Investing.com — Kohl’s stock (NYSE:KSS) traded 0.8% lower in premarket Tuesday after another activist investor leaned on the retailer to shake itself up.
According to a report in The Wall Street Journal, Macellum Advisors is renewing a push to get the department store chain to consider a sale of the business or make changes to its board.
Just last month, Engine Capital, with around 1% in the company, had petitioned the company’s board to consider a sale or a separation of its faster-growing e-commerce business.
Macellum has stake of around 5% in Kohl’s and wants the company to boost its lagging stock price. Kohl’s has so far resisted those attempts. The hedge fund believes there are buyers for the chain. Macellum was part of a group that ran a proxy fight at the retailer last year until a settlement with Kohl’s was reached in April. The agreement barred the investor and the other firms from agitating at the company until last week, the WSJ report said.
Kohl’s shares closed Friday at $47.77, giving it a market value of $6.65 billion. The stock has rebounded from its pandemic lows but has essentially gone sideways for more than two decades. Markets were shut Monday on account of Martin Luther King, Jr. Day.
