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Kohl’s shareholders re-elect all board members amid potential sale bids

By Rachel Douglass

12 May 2022

Business

Image: Kohl's

Department store chain Kohl’s has announced that its shareholders have voted to re-elect all 13 of its director nominees to its board of directors after a preliminary vote following the company’s annual shareholder meeting.

The news comes amid a battle between the retail chain and two of its activist investors, Macellum and Engine Capital, which pushed for the sale of the company and requested a restructuring of the board after they said it was underperforming.

In a release, Peter Bonepath, chairman of the board for Kohl’s, said on the re-election: “While we have had differences with Macellum, this board is committed to serving the interests of all our shareholders. The board remains focused on running a robust and intentional review of strategic alternatives while executing our strategy to drive shareholder value.”

The group did confirm it was going to look into a potential sale, announcing in March 2022 that it would be mulling preliminary offers for a buyout.

Front runners putting in offers have said to include the likes of Saks Fifth Avenue owner Hudson’s Bay, as well as Sycamore Partners, which is also currently pursuing a possible takeover of Ted Baker.

JCPenney was also reported to be one of the leading bidders, with The New York Post stating that the department store company has made a bid valued at 8.6 billion dollars.