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  "documentTitle": "Macellum Kohls Presentation April 2022",
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      "text": "THE BOARD HAS OVERSEEN A 22% DECLINE IN EBIT AND LONG-TERM OPERATING UNDERPERFORMANCE OVER THE PAST 10 FISCAL YEARS",
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      "text": "Source: Company SEC Filings, Bloomberg LP. Note: 1 Represents compounding same-store sales change FY 2011 - FY 2021. Same stores sales in 2020 and 2021 are based on net sales due to the impact of the COVID-19 Pandemic. 2 EBIT margins before FY 2017 were as % of Sales whereas FY 2017 and forward were as % of Total Revenue",
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      "text": "Macellum believes these problems are solvable but require a Board with relevant expertise and experience that will hold management accountable",
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      "text": "PERSISTENT INABILITY TO GROW SALES & REVERSE OPERATING PROFIT DECLINE",
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