Kohl s lost $163 million in 2020 biztimes.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from biztimes.com Daily Mail and Mail on Sunday newspapers.
Menomonee Falls-based
shake up the retailer’s board of directors in an effort to improve performance.
The group Monday morning released a 27-page open
letter, which nominates nine replacement candidates for Kohl’s 12-person board and includes plan to grow sales, cut expenses, adjust executive compensation and proposes a large-scale sale-leaseback program for the company’s real estate assets.
Kohl’s issued a response hours later:
“We reject the investor group’s attempt to seize control of our board and disrupt our momentum, especially considering that we are well underway in implementing a strong growth strategy and accelerating our performance, and we have refreshed half our board with six new independent directors since 2016.”