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.
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