Benzinga | Jan 25, 2022 08:37AM EST

Macellum Issues Letter To The Kohl's Board Regarding The Need To Immediately Appoint A Shareholder Representative To Support A Credible Review Of Strategic Alternatives

Asserts the Board has Impugned its Credibility by Calling Macellum's Assessment of Potential Acquirers "Unfounded Speculation" Just Days Before Confirming Expressions of Interest

Believes the Board Must Establish a Special Committee of Independent Directors to Oversee the Review, Retain Impartial Advisors and Solicit Proposals from Interested Bidders

Contends it is Time to Invite a Macellum Representative to Join the Board and Lead the Special Committee, Effectively Providing Necessary Credibility to the Review Process

Reserves Right to Hold the Current Directors Accountable Through an Election Contest or the Appropriate Legal Channels if the Board Chills a Value-Maximizing Sales Process