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Kohl’s Retains Goldman to Fend Off Macellum

Published: January 25th, 2022
Goldman Sachs is providing advice to the department store chain after assisting with other insurgencies, The Deal has learned.

Kohl’s Corp. (KSS) has retained Goldman, Sachs & Co. as its adviser in response to an activist campaign launched by Macellum Advisors GP LLC, according to two sources.

The insurgent fund on Tuesday, Jan. 18, escalated its activism campaign with a letter threatening another director contest if the Wisconsin-incorporated department store chain does not launch a strategic review first. The fund noted in the letter that it heard the board and its representatives have rebuffed “overtures from credible buyers,” but Kohl’s responded saying it was disappointed with Macellum’s “unfounded speculation.”

Olshan Frome Wolosky LLP partners Steve Wolosky and Elizabeth Gonzalez-Sussman are advising Macellum on their campaign. In addition to Macellum, other activist investors targeting Menomonee Falls, Wis.-based Kohl’s include Ancora Advisors LLC and Engine Capital LLC.

Editor’s note(s): The original version of this article, including advisers and other details, was published on Jan. 19, 2022, at 9:44 am ET on The Deal’s premium subscription website. For exclusive access to this story and more, log in to or use the form below to request a free trial.

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