Activist Investor Group Says Kohl’s Earnings Show ‘Best Of Worst’ In Retail, Urges Change
A group of activists looking to seize control of Kohl’s board published a letter Friday saying the retailer’s latest quarterly financial results were lackluster and further demonstrate the need for an overhauled strategy. “The board seems to be content performing just slightly better than the worst companies in retail,” the group said in the letter to Kohl’s shareholders. ”‘Best of the worst’ is not a viable strategy, nor does it satisfy shareholders like us seeking long-term superior performance.” “Kohl’s is enormously well positioned with off-mall locations, which has significant advantages, but it also means Kohl’s competes against thriving off-mall players like TJX Companies, Ross Stores, Target, Old Navy and Burlington,” it added. Read more at CNBC.
