Even though Kohl's rejected its board takeover attempt late in February, a group of activist investors is taking its grievances with the retailer public. In a letter published Friday, the activist investors, which include Macellum Advisers, Ancora Holdings, and Legion Partners Asset Management, called Kohl's the "best of the worst" companies in retail and accused the board of Kohl's of being content to remain that way.
In response, a Kohl's spokesperson said that the retailer rejects the activist investors' goals, which would disrupt Kohl's current turnaround plan and result in a short-term lift at the expense of sustained progress. She also challenged the investors' premises.
A spokeswoman for Kohl’s told CNBC in an emailed statement that the activists’ comparisons of 2019 financial results to expectations for 2021 are “nonsensical given a continuing global pandemic.”