Activist Investors Take Aim at Kohl's

By Sheridan Fifer

Kohl's is betting on its new strategy, which it shared in October, to get its business back on track. But activist investors are running out of patience. In a 27-page letter to Kohl's investors, they pushed for big changes at the retailer, citing Kohl's "chronically" underperforming shares as evidence that the company needs a reboot. They also took care to point out that Kohl's problems pre-date the pandemic by several years. 

In response, a Kohl's spokesperson said that the retailer has discussed the matter with the activist group and is not averse to new ideas; however, Kohl's remains committed to the turnaround strategy announced in October, which calls for an emphasis on activewear and beauty, as well as improvements to its women's clothing business. 

Kohl's said since the strategy was announced, seven Wall Street analysts have upgraded its stock and its stock price has grown more than 150%.

Read the full story at CNN Business.