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Activist Macellum seeks to take control of Kohl’s board, nominates 10 directors

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Customers leave a Kohl’s store on November 12, 2015 in San Rafael, California.

Justin Sullivan | Getty Images News | Getty Images

Activist group Macellum has amplified the pressure on Kohl’s as it seeks to take control of the retailer’s board by nominating 10 directors.

Macellum, led by Jonathan Duskin, has criticized Kohl’s for not performing as well as it could in recent years. Last month, it called for the company to consider selling itself.

A representative from Kohl’s didn’t immediately respond to CNBC’s request for comment.

This is the second time that Macellum has nominated directors at Kohl’s. Last year, it pushed Kohl’s to expand its 11-member board by three directors.

Earlier this month, Kohl’s rejected two takeover offers that it said undervalued its business, and it also adopted a “poison pill” plan to avoid a hostile takeover. Duskin said Thursday that, “it seems to us the board is doing everything in its power to chill a normal-course sale process and quell interest from other bidders during what we view as a unique window of opportunity.”

He also said that reports have been circulating about Kohl’s jet recently flying to Seattle, where Amazon is headquartered.

Kohl’s shares were unchanged in premarket trading, having risen about 25% year to date.

Read the full letter from Macellum here.

This story is developing. Please check back for updates.



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