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  "documentTitle": "Macellum Kohls Presentation April 2022",
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      "text": "SINCE MACELLUM BEGAN OUR ENGAGEMENT, BIG LOTS' EARNINGS INCREASED 48% AND OVER 100% UP TO THE POINT WHEN THE MACELLUM REPRESENTATIVE RESIGNED",
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      "text": "Our Suggestions & Strategy\n- Monetize $1 Billion real estate assets\n- Improve fundamentals through operational excellence\n- Increase Cash Flow Generation via disciplined capital allocation, increased inventory turns and working capital management",
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      "text": "Our Impact & Value Creation\n- In a negotiated settlement, Big Lots appointed three independent directors (including Macellum representative Aaron Goldstein) to the Board and created a new capital allocation planning committee\n- Big Lots agreed to sell owned real estate for $725 million\n- Big Lots' TSR was up 135% during the time Macellum's representative was on the Board",
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      "text": "Overview\nIn 2020, Macellum observed that Big Lots' board had overseen poor operations and ineffective capital allocation strategies and failed to optimize the company's balance sheet, including monetizing the company's real estate.",
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      "text": "Source: TSR Data from Bloomberg LP- 1: Total shareholder return reflects the period from 4/23/20 to 10/01/20",
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