The department store chain has faced numerous challenges and pressures from investors in the past year, including from Macellum Advisors, which has a less than 5% stake in the retailer. This week, Kohl’s shareholders voted to re-elect all 13 board members, keeping investor takeovers at bay.
“We would like to thank our shareholders for their support throughout this proxy contest,” Peter Boneparth, chairman of the board, said in a statement. “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. We appreciate the feedback we have received from our shareholders over the past several months and look forward to engaging with them further.”
The investor battles stemmed from Macellum pushing for a “refresh” of the company. In addition, the retailer received several buyout bids, including from private equity firm Sycamore and Acacia Research.
Kohl’s rejected the offers and instituted a temporary shareholder rights plan in an effort to stave off interference for the board of directors to conduct an orderly review of expressions of interest, including potential further engagement with interested parties.
Macellum had nominated its own slate of 10 candidates for the board of directors, including CEO Jonathan Duskin.