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Fly News Breaks for January 9, 2020
Jan 9, 2020 | 08:23 EDT
BofA analyst Lorraine Hutchinson downgraded Kohl's to Neutral from Buy after the company reported that its Holiday comps declined 0.2%, which she reads as suggesting that its new product launches, incremental traffic from the Amazon (AMZN) returns program and investments to drive sales are not enough to offset secular retail headwinds. She has lowered her FY20 estimates after the company updated its FY19 guidance and lowered her price target on Kohl's shares to $50 from $55.
News For KSS From the Last 2 Days
Apr 14, 2021 | 09:26 EDT
Kohl's announced that it has entered into a settlement agreement with Macellum Advisors , Ancora Holdings Legion Partners Asset Management and 4010 Capital, which collectively own 9.3% of Kohl's outstanding common stock, including options. As part of the agreement, two new independent directors nominated by the Investor Group, Margaret Jenkins and Thomas Kingsbury, will join the Kohl's Board of Directors (the "Board"), as of the close of the 2021 Annual Meeting of Shareholders. An additional independent director identified by Kohl's, and agreed to by the Investor Group, Christine Day, will join the Board at the same time. "We are pleased to further strengthen our Board with the addition of Christine, Margaret and Tom as part of our continued refreshment process" said Kohl's Chairman Frank Sica. "Today's agreement reflects our Board's ongoing dialogue with our shareholders and our commitment to maximizing long-term value for all stakeholders. We welcome the new directors and look forward to their perspectives as we continue to execute Kohl's growth strategy." Kohl's CEO Michelle Gass said, "I look forward to working with our newly expanded Board to further advance our transformative strategy and deliver results for shareholders. Amidst ongoing industry disruption and evolving consumer trends, we are uniquely positioned to build on our momentum and accelerate growth and profitability." Additionally, the Company announced that it received notice from Steve Burd that he will retire from the Board at the end of August, and from Frank Sica that he will retire from the Board next year in connection with the Company's 2022 Annual Meeting of Shareholders.