Activist investor pushes Kohl’s to sell or split e-commerce
NEW YORK (AP) - An activist investor is pushing department store chain Kohl’s to either sell the entire company or spin off its e-commerce division.
In a letter posted online on Monday, Engine Capital said that it wants the Menomonee Falls, Wisconsin-based retailer to consider these alternatives to boost the stock price.
Engine Capital said that if the company chose spinning off its e-commerce division, a move similar to what Saks did earlier this year, the stand-alone business could be valued at $12.4 billion or more. That amount dwarfs the company’s current market capitalization.
Kohl says the board and management team “continuously examine all opportunities for maximizing shareholder value.”
Copyright 2021 The Associated Press. All rights reserved.