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  "documentTitle": "Macellum Kohls Presentation April 2022",
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      "text": "Capital expenditures - taking a bottoms up, project by project approach to capital projects will help ensure that duplication is reduced, spending from finished projects is recaptured and appropriate returns are modeled to result in higher free cash flow",
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      "text": "Increased repurchases - the Company's strong balance sheet and sale leaseback proceeds could reduce the share count and increase EPS meaningfully from existing free cash flow",
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      "text": "Working capital - increasing inventory turn to drive a significant increase in cash, sales and margins. Every 1x increase in turn releases over $600 million in cash; Kohl's' inventory turns are over 2.5x below best-in-class operators. Improving accounts payable to inventory ratio by 10-20% to make Kohl's comparable to Macy's could generate $300-$600 million in cash",
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      "text": "Sale leaseback - evaluating the potential to unlock proceeds from the approximately $8 billion of owned real estate at 14-15x EBITDA can be significantly accretive when buying back stock trading at ~4x EBITDA",
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      "text": "Liability management - embarking on a strategy to consolidate debt maturities and lower coupon as well as rationalize an antiquated indenture will likely lower borrowing costs and increase financial flexibility",
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      "text": "In conjunction with operational improvements, we believe optimizing capital allocation and rationalizing the balance sheet will likely result in significantly higher EPS",
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