Macellum Issues Statement Regarding the Need for the Kohl’s Board to Complete a Value-Maximizing Sale as Retail Sector Peers Outperform

Macellum Advisors GP, LLC (together with its affiliates, “Macellum” or “we”), a long-term holder of nearly 5% of the outstanding common shares of Kohl’s Corporation (NYSE: KSS) (“Kohl’s” or the “Company”), today issued the following statement regarding the Company and its Board of Directors (the “Board”) attributable to its Managing Partner, Jonathan Duskin:

“The strong financial results recently released by Dillard’s, Macy’s and Nordstrom reinforce the massive value creation opportunities for well-run retailers executing credible plans. Indeed, retailers with clear value propositions, effective leadership teams and viable operating strategies are adapting to the post-pandemic economic landscape and starting to sustain profitable growth. The dismal results produced by Kohl’s in recent quarters cannot be blamed on economic headwinds, supply chain issues and sweeping deterioration of the industry. In our view, it is crystal clear that Kohl’s continues to lag peers and underperform because of its ineffective Board, weak management team and illogical three-year plan, which the market has already reacted extremely poorly to. Fortunately, there is a silver lining: Kohl’s is a uniquely positioned retailer with significant potential that can be unlocked by a better leadership team with a superior strategy. This week, shareholders were given a little insight into where the stock is headed if the Company is not sold. Reports indicate that several credible buyers remain interested in acquiring Kohl’s at a meaningful premium. We strongly urge all shareholders to insist the Board accept the best and highest offer received at the conclusion of the ongoing sale process. Lastly, we call on the Board to stop burning shareholder capital and enter into cash preservation mode until a deal is consummated.”

About Macellum

Macellum Capital Management is an activist investment firm, with deep expertise in the retail and consumer sectors, founded in 2009 by Jonathan Duskin. Macellum invests in undervalued companies that it believes can appreciate significantly in value as a result of a change in corporate strategy or improvements in operations, capital allocation or corporate governance. Macellum’s investment team, advisors and network of industry experts draw upon their extensive strategic, operating and boardroom experience to assist companies in designing and implementing initiatives to improve long-term shareholder value. Macellum prefers to constructively engage with management to improve its governance and performance for the benefit of all stockholders. However, when management is entrenched, Macellum has run successful proxy contests to effectuate meaningful change. Macellum has run successful election contests to effectuate meaningful change at many companies, including at The Children’s Place Inc., Citi Trends, Inc., Bed Bath and Beyond and Big Lots, Inc. Learn more at www.macellumcapitalmanagement.com.

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