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  "documentTitle": "Macellum Kohls Presentation April 2022",
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      "text": "WHILE STILL IN THE EARLY INNINGS OF A MAJOR TURNAROUND, BED BATH & BEYOND'S TSR IS UP 42%¹ SINCE FOUR MACELLUM NOMINEES JOINED THE BOARD IN MAY 2019",
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      "text": "Revamp executive management; Implement cost cutting; Divest non-core businesses and monetize real estate; Improve inventory; Increase supply chain efficiency; Fix capital allocation",
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      "text": "The campaign resulted in the appointment of nine of 12 new directors, including four Macellum nominees, and a completely new management team; Bed, Bath & Beyond sold non-cores assets equal to approximately 75% of the company's market capitalization and paid down $298 million in debt; The new management team embarked on a massive transformation projecting to earn $1 billion of EBITDA by 2023",
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      "text": "Source: 1: TSR Data from Bloomberg LP- Data as of 04/14/2022",
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      "text": "In 2019, Macellum observed that Bed, Bath & Beyond was not realizing its true potential. At the time, our goal was to embark upon a significant turnaround and a more profitable and better capitalized company in which to invest",
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