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Kohl's holds off barbarians at the gate... for now

Kohl's holds off barbarians at the gate... for now



Kohl's needs to reinvent itself. Are Aldi and Amazon the key?ReplayMore Videos ... (16 Videos)Kohl's needs to reinvent itself. Are Aldi and Amazon the key?Facebook's parent company has a brick and mortar store. See what's insideNew tech in Walgreens brings mixed reactions, confusion onlineThis AI technology lets you skip the checkout lineMattel CEO: The company is in growth modeGrocery price hikes: 'We're going to feel the effect for months'Watch the comedic saga around CVS receiptsNeiman Marcus CEO on pandemic struggle and post-bankruptcy comebackGarnier: Time for beauty industry to 'change the game' on sustainabilityKey inflation measure hits 39-year highRestaurant owner who lost $2 million in weeks speaks outSee how Walmart can stock your kitchen when you're not homeAmerican Girl reveals its first Chinese American 'Girl of the Year' A more diverse selection of dolls is coming our wayVideos show brazen smash and grab robberiesRetailers want you to shop in stores this year (and they have a point)New York (CNN Business)The pitchforks have been out for Kohl's over the past year. Activist investors have criticized the department store's strategy, blasted its CEO and tried to replace its board of directors.

Kohl's (KSS) has beaten them back -- for now.Kohl's said Wednesday that it re-elected all 13 of its board of director nominees at its annual shareholders' meeting, based on a preliminary vote tally. Macellum Advisors, an activist investment firm, had put up its own slate of nominees to replace 10 of Kohl's board members, saying that the company should consider selling itself or spin off its e-commerce arm.The results were a victory for Kohl's current leaders and a defeat for critics who wanted the retailer to pursue a different strategy under new leaders. Read MoreThe department store sector has been under pressure for years, and Wall Street activists targeted Kohl's because its stock and performance has underperformed rivals such as Amazon (AMZN), Target (TGT) and Walmart (WMT)."Investors voting for Kohl's to retain its current directors represents a much-needed confidence boost for Michelle Gass and her management team," Neil Saunders, a retail analyst at GlobalData, said in a note to clients. "We have seen far too many past Wall Street interventions in retail end in disaster."It's still possible that Kohl's could agree to a sale, however. The company has previously said it engaged with more than 20 potential buyers for the company and on Wednesday, Kohl's said it was reviewing options."The [board] remains focused on running a robust and intentional review of strategic alternatives while executing our strategy to drive shareholder value," Peter Boneparth, Kohl's board chairman, said in a statement Wednesday. "Kohl's has a bright future ahead."


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