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  "documentTitle": "Macellum Kohls Presentation April 2022",
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  "presentationDate": "2022-04-01 00:00:00",
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      "kind": "callout",
      "text": "WE FIRMLY BELIEVE A SALE OR MAJORITY BOARD CHANGE IS URGENTLY NEEDED BEFORE KOHL'S POTENTIALLY REACHES A POINT WHERE MARKET SHARE LOSSES BECOME IRREVERSIBLE",
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      "text": "After a decade of disappointing operating results and stock performance Kohl's has one of the lowest valuations among its retail peers and was unable to present a compelling plan to investors at its analyst day",
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      "text": "One year following Macellum's campaign for incremental change on the Board, Kohl's has failed to create value for shareholders and experienced meaningful underperformance",
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      "text": "Now, Kohl's has an opportunity to pursue value-maximizing acquisition proposals – a window that will likely not be open indefinitely as the market environment and macro circumstances evolve",
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      "text": "We believe substantial and urgent change is clearly needed – or else value will be permanently impaired",
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      "text": "KOHL'S IS AT A FORK IN THE ROAD",
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