<SEC-DOCUMENT>0000892712-22-000082.txt : 20220308
<SEC-HEADER>0000892712-22-000082.hdr.sgml : 20220308
<ACCEPTANCE-DATETIME>20220308164222
ACCESSION NUMBER:		0000892712-22-000082
CONFORMED SUBMISSION TYPE:	DEFA14A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20220308
DATE AS OF CHANGE:		20220308

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			KOHLS Corp
		CENTRAL INDEX KEY:			0000885639
		STANDARD INDUSTRIAL CLASSIFICATION:	RETAIL-DEPARTMENT STORES [5311]
		IRS NUMBER:				391630919
		STATE OF INCORPORATION:			WI
		FISCAL YEAR END:			0129

	FILING VALUES:
		FORM TYPE:		DEFA14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-11084
		FILM NUMBER:		22722297

	BUSINESS ADDRESS:	
		STREET 1:		N56 W17000 RIDGEWOOD DR
		CITY:			MENOMONEE FALLS
		STATE:			WI
		ZIP:			53051
		BUSINESS PHONE:		262 703 7000

	MAIL ADDRESS:	
		STREET 1:		N56 W17000 RIDGEWOOD DR
		CITY:			MENOMONEE FALLS
		STATE:			WI
		ZIP:			53051

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	KOHLS CORPORATION
		DATE OF NAME CHANGE:	19930328
</SEC-HEADER>
<DOCUMENT>
<TYPE>DEFA14A
<SEQUENCE>1
<FILENAME>kss14a38.htm
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<DIV style=margin-left:72pt;width:468pt><P align=center style='font:10pt Times New Roman;margin:0'><A name=_Hlk66189505 />UNITED STATES</P>
<P align=center style='font:10pt Times New Roman;margin:0'>SECURITIES AND EXCHANGE COMMISSION</P>
<P align=center style='font:10pt Times New Roman;margin:0'>Washington, D.C. 20549</P>
<P align=center style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P align=center style='font:10pt Times New Roman;margin:0'>SCHEDULE 14A INFORMATION</P>
<P align=center style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P align=center style='font:10pt Times New Roman;margin:0'>PROXY STATEMENT PURSUANT TO SECTION 14(a)</P>
<P align=center style='font:10pt Times New Roman;margin:0'>OF THE SECURITIES EXCHANGE ACT OF 1934</P>
<P align=center style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P align=center style='font:10pt Times New Roman;margin:0'>(AMENDMENT NO. ____)</P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'>Filed by the Registrant [X]</P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'>Filed by a Party other than the Registrant [ &nbsp;&nbsp;]</P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'>Check the appropriate box:</P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'><KBD style='position:absolute;font:10pt Times New Roman;margin-left:0pt'>[ &nbsp;&nbsp;]</KBD><KBD style=margin-left:36pt></KBD>Preliminary Proxy Statement&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'><KBD style='position:absolute;font:10pt Times New Roman;margin-left:0pt'>[ &nbsp;&nbsp;]</KBD><KBD style=margin-left:36pt></KBD>Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2))&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'><KBD style='position:absolute;font:10pt Times New Roman;margin-left:0pt'>[ &nbsp;&nbsp;]</KBD><KBD style=margin-left:36pt></KBD>Definitive Proxy Statement&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'><KBD style='position:absolute;font:10pt Times New Roman;margin-left:0pt'>[ &nbsp;&nbsp;]</KBD><KBD style=margin-left:36pt></KBD>Definitive Additional Materials&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'><KBD style='position:absolute;font:10pt Times New Roman;margin-left:0pt'>[X]</KBD><KBD style=margin-left:36pt></KBD>Soliciting Material Pursuant to &#167;240.14a-12&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<TABLE style=border-collapse:collapse><TR><TD valign=top style='width:478.8pt;border-bottom:0.5pt solid #000000'><P align=center style='font:10pt Times New Roman;margin:0'>KOHL&#8217;S CORPORATION</P>
</TD></TR>
<TR><TD valign=top style='width:478.8pt;border-top:0.5pt solid #000000'><P align=center style='font:10pt Times New Roman;margin:0'>(Name of Registrant as Specified In Its Charter)</P>
</TD></TR>
<TR><TD valign=top style='width:478.8pt;border-bottom:0.5pt solid #000000'><P align=center style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD></TR>
<TR><TD valign=top style='width:478.8pt;border-top:0.5pt solid #000000'><P align=center style='font:10pt Times New Roman;margin:0'>Name of Person(s) Filing Proxy Statement if other than the Registrant)</P>
</TD></TR>
<TR><TD valign=top style=width:478.8pt><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD></TR>
</TABLE>
<P style='font:10pt Times New Roman;margin-top:0pt;margin-bottom:8pt'>&nbsp;</P>
<P style='font:10pt Times New Roman;margin-top:0pt;margin-bottom:8pt'>Payment of Filing Fee (Check all boxes that apply):</P>
<P style='font:10pt Times New Roman;margin-top:0pt;margin-bottom:8pt'>[X ] No fee required</P>
<P style='font:10pt Times New Roman;margin-top:0pt;margin-bottom:8pt'>[ ] Fee paid previously with preliminary materials</P>
<P style='font:10pt Times New Roman;margin-top:0pt;margin-bottom:8pt'>[ ] Fee computed on table in exhibit required by Item 25(b) per Exchange Act Rules 14a-6(i)(1) and 0-11</P>
<HR style='page-break-after:always;border:0;height:3pt;background-color:#909090;margin:8pt 0'><P style=line-height:0;margin:0></P>
<P style='font:11pt Calibri;margin:0'>&nbsp;</P>
<P style='font:11pt Calibri;margin-top:0pt;margin-bottom:8pt'>&nbsp;</P>
<P style='font:8pt Times New Roman;margin:0'>&nbsp;</P>
<P align=center style='font:10pt Arial;margin:0;color:#000000'><B>THE FOLLOWING IS A COMMUNICATION BY MICHELLE GASS TO</B></P>
<P align=center style='font:10pt Arial;margin-top:0pt;margin-bottom:8pt;color:#000000'><B>ASSOCIATES ON MARCH 8, 2022</B></P>
<P align=justify style='font:10pt Arial;margin-top:0pt;margin-bottom:8pt;color:#000000'>The following legend preceded the video:</P>
<P style='font:10pt Arial;margin:0'><B>Important Shareholder Information and Where You Can Find It</B>&#160;&#160;</P>
<P style='font:10pt Arial;margin-top:0pt;margin-bottom:8pt'>Kohl&#8217;s has filed a preliminary proxy statement and form of BLUE proxy card with the SEC in connection with the solicitation of proxies for Kohl&#8217;s 2022 Annual Meeting of shareholders (the &#8220;Preliminary Proxy Statement&#8221; and such meeting the &#8220;2022 Annual Meeting&#8221;). Kohl&#8217;s, its directors and certain of its executive officers will be participants in the solicitation of proxies from shareholders in respect of the 2022 Annual Meeting. Information regarding the names of Kohl&#8217;s directors and executive officers and their respective interests in Kohl&#8217;s by security holdings or otherwise is set forth in the Preliminary Proxy Statement. To the extent holdings of such participants in Kohl&#8217;s securities have changed since the amounts described in the Preliminary Proxy Statement, such changes have been reflected on Initial Statements of Beneficial Ownership on Form 3 or Statements of Change in Ownership on Form 4 filed with the SEC or will be filed within the time period specified by Section 16 of the Securities Exchange Act of 1934, as amended, and the regulations thereunder. Details concerning the nominees of Kohl&#8217;s Board of Directors for election at the 2022 Annual Meeting are included in the Preliminary Proxy Statement. BEFORE MAKING ANY VOTING DECISION, INVESTORS AND SHAREHOLDERS OF KOHL&#8217;S ARE URGED TO READ ALL RELEVANT DOCUMENTS FILED WITH OR FURNISHED TO THE SEC, INCLUDING KOHL&#8217;S DEFINITIVE PROXY STATEMENT TO BE FILED IN CONNECTION WITH THE 2022 ANNUAL MEETING, ANY SUPPLEMENTS THERETO AND THE ACCOMPANYING BLUE PROXY CARD BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. Investors and shareholders will be able to obtain a copy of the Preliminary Proxy Statement and other documents filed by Kohl&#8217;s free of charge from the SEC&#8217;s website,&#160;<FONT style='color:#0000FF;border-bottom:1px solid #0000FF'>www.sec.gov</FONT>. Copies will also be available at no charge on the Kohl&#8217;s website at&#160;<FONT style='color:#0000FF;border-bottom:1px solid #0000FF'>investors.kohls.com</FONT>.</P>
<P style='font:11pt Calibri;margin-top:0pt;margin-bottom:8pt'>&nbsp;</P>
<P align=justify style='font:11pt Arial Narrow;margin-top:0pt;margin-bottom:8pt;color:#000000'>Hi Kohl's team. Before I start my Q4 Town Hall meeting, I want to spend a few minutes addressing the recent news surrounding activist investors taking a position in Kohl&#8217;s. While I&#8217;ve shared email messages with the company, I want to reiterate the message here.</P>
<P style='font:11pt Arial Narrow;margin-top:0pt;margin-bottom:8pt;color:#000000'>As you are aware, Macellum &#8211;&#8211;&nbsp;one of our shareholders &#8211;&#8211;&nbsp;publicly announced that they will seek to replace certain members of our Board of Directors. As many of you know, we went through a similar experience with Macellum in 2021. This kind of investor activism is common for publicly traded companies.</P>
<P style='font:11pt Arial Narrow;margin-top:0pt;margin-bottom:8pt;color:#000000'>While we find the activist's claims and critiques to be uninformed and misleading, Macellum is continuing to actively make public announcements and garner additional media coverage. We can expect to see more media speculation in the coming weeks and months.</P>
<P style='font:11pt Arial Narrow;margin-top:0pt;margin-bottom:8pt;color:#000000;background-color:#FFFFFF'>On the earnings call last week, we also shared a brief update on the Board's efforts to evaluate the expressions of interest in acquiring the company. As I&#8217;ve shared before on this topic, these expressions of interest in Kohl&#8217;s are a reflection of our strong position and growth potential.</P>
<P style='font:11pt Arial Narrow;margin-top:0pt;margin-bottom:8pt;color:#000000;background-color:#FFFFFF'>The Board is continuing to pursue all reasonable opportunities to drive value, consistent with its fiduciary duties. Last week, we publicly reiterated that we have a strategic and financial plan that will deliver substantial value. Our Board is testing and measuring that plan against other alternatives. </P>
<P style='font:11pt Arial Narrow;margin-top:0pt;margin-bottom:8pt;color:#000000;background-color:#FFFFFF'>The Board's approach is robust and intentional. As we announced in early February, we retained the investment firm, Goldman Sachs, to engage with interested parties. I can assure you that I will update you as appropriate and I don&#8217;t have any additional updates at this time.</P>
<P style='font:11pt Arial Narrow;margin:0;color:#000000;background-color:#FFFFFF'>We&#8217;re focused on our strategy, we have great confidence in our future, and I&#8217;m excited to spend the rest of this Town Hall talking about the strategies we have underway and our path forward. So let&#8217;s jump into the Town Hall.</P>
<HR style='page-break-after:always;border:0;height:3pt;background-color:#909090;margin:8pt 0'><P style=line-height:0;margin:0></P>
<P style='font:11pt Calibri;margin:0'>&nbsp;</P>
<P align=center style='font:11pt Calibri;margin-top:0pt;margin-bottom:8pt'><B>THE FOLLOWING IS AN ARTICLE PUBLISHED BY BARRON&#8217;S</B></FONT></P>
<P style='font:11pt Calibri;margin-top:0pt;margin-bottom:8pt'>March 8<SUP>th</SUP>, 2022: <B>Barron&#8217;s </B>(Teresa Rivas): </FONT><FONT style='font-family:11pt Calibri;color:#0000FF;border-bottom:1px solid #0000FF'>After Plunging 13%, Kohl&#8217;s Stock Is Holding Steady Today. Thank the Many Suitors.</FONT></P>
<P style='font:11pt Calibri;margin-top:0pt;margin-bottom:8pt'>&nbsp;</P>
<P style='font:11pt Calibri;margin-top:0pt;margin-bottom:8pt'>Kohl&#8217;s stock got a reprieve early Tuesday after the department-store chain disclosed late Monday that it had attracted more than 20 potential suitors before ultimately rejecting takeover bids. The move, coming after yesterday&#8217;s 13% plunge, demonstrates how many investors are still hoping for a sale, although it wasn&#8217;t enough to keep the stock from sliding again.</FONT></P>
<P style='font:11pt Calibri;margin-top:0pt;margin-bottom:8pt'>&nbsp;</P>
<P style='font:11pt Calibri;margin-top:0pt;margin-bottom:8pt'>Kohl&#8217;s (ticker: KSS) said in a regulatory filing that advisor Goldman Sachs had talked to more than 20 interested parties since the start of the year, and that some had gone as far as to sign confidentiality agreements that allowed them to access some of Kohl&#8217;s financial data.</FONT></P>
<P style='font:11pt Calibri;margin-top:0pt;margin-bottom:8pt'>&nbsp;</P>
<P style='font:11pt Calibri;margin-top:0pt;margin-bottom:8pt'>Kohl&#8217;s would go on to reject two takeover bids, arguing that the offers it received were too low. Some analysts agreed with that position, but the company is also under pressure from activist investors that want to see more change.</FONT></P>
<P style='font:11pt Calibri;margin-top:0pt;margin-bottom:8pt'>&nbsp;</P>
<P style='font:11pt Calibri;margin-top:0pt;margin-bottom:8pt'>Kohl&#8217;s outlined its plans to remain an independent company on Monday during its investor day, and Chief Financial Officer Jill Timm told Barron&#8217;s that the company was setting in motion strategies for long-term growth, citing its growing dividend and expanding partnership with beauty brand Sephora.</FONT></P>
<P style='font:11pt Calibri;margin-top:0pt;margin-bottom:8pt'>&nbsp;</P>
<P style='font:11pt Calibri;margin-top:0pt;margin-bottom:8pt'>Nevertheless, the stock plunged 13% in trading Monday following the event. As Barron&#8217;s noted, investors who want the company to sell itself have little interest in Kohl&#8217;s long-term strategic goals. If anything, those are ongoing impediments and speak to management&#8217;s determination to turn down strategic alternatives.</FONT></P>
<P style='font:11pt Calibri;margin-top:0pt;margin-bottom:8pt'>&nbsp;</P>
<P style='font:11pt Calibri;margin-top:0pt;margin-bottom:8pt'>The shares initially popped about 3% but were down 0.2%, at $51.06, in recent trading. Some of the early gains may have been a bounceback from yesterday, but it could be explained in part by the information revealed in the proxy as well. The high level of interest could have investors hoping that at least one potential buyer might still win out.</FONT></P>
<P style='font:11pt Calibri;margin-top:0pt;margin-bottom:8pt'>&nbsp;</P>
<P style='font:11pt Calibri;margin-top:0pt;margin-bottom:8pt'>Kohl&#8217;s investor day presentation included a lot of positive developments, but the company&#8217;s targets weren&#8217;t far off what the Street is already modeling. While it&#8217;s likely prudent for Kohl&#8217;s to be conservative in its guidance, especially given the difficult outlook for consumer-discretionary stocks, the targets were unlikely to impress those who favor a sale, and didn&#8217;t get much new fodder to bulls.&#160; </FONT></P>
<HR style='page-break-after:always;border:0;height:3pt;background-color:#909090;margin:8pt 0'><P style=line-height:0;margin:0></P>
<P style='font:11pt Calibri;margin:0'>&nbsp;</P>
<P style='font:11pt Calibri;margin:0'>&nbsp;</P>
<P style='font:10pt Arial;margin-top:0pt;margin-bottom:8pt'><B>Important Shareholder Information and Where You Can Find It</B>&#160;&#160;</P>
<P style='font:10pt Arial;margin-top:0pt;margin-bottom:8pt'>Kohl&#8217;s has filed a preliminary proxy statement and form of BLUE proxy card with the SEC in connection with the solicitation of proxies for Kohl&#8217;s 2022 Annual Meeting of shareholders (the &#8220;Preliminary Proxy Statement&#8221; and such meeting the &#8220;2022 Annual Meeting&#8221;). Kohl&#8217;s, its directors and certain of its executive officers will be participants in the solicitation of proxies from shareholders in respect of the 2022 Annual Meeting. Information regarding the names of Kohl&#8217;s directors and executive officers and their respective interests in Kohl&#8217;s by security holdings or otherwise is set forth in the Preliminary Proxy Statement. To the extent holdings of such participants in Kohl&#8217;s securities have changed since the amounts described in the Preliminary Proxy Statement, such changes have been reflected on Initial Statements of Beneficial Ownership on Form 3 or Statements of Change in Ownership on Form 4 filed with the SEC or will be filed within the time period specified by Section 16 of the Securities Exchange Act of 1934, as amended, and the regulations thereunder. Details concerning the nominees of Kohl&#8217;s Board of Directors for election at the 2022 Annual Meeting are included in the Preliminary Proxy Statement. BEFORE MAKING ANY VOTING DECISION, INVESTORS AND SHAREHOLDERS OF KOHL&#8217;S ARE URGED TO READ ALL RELEVANT DOCUMENTS FILED WITH OR FURNISHED TO THE SEC, INCLUDING KOHL&#8217;S DEFINITIVE PROXY STATEMENT TO BE FILED IN CONNECTION WITH THE 2022 ANNUAL MEETING, ANY SUPPLEMENTS THERETO AND THE ACCOMPANYING BLUE PROXY CARD BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. Investors and shareholders will be able to obtain a copy of the Preliminary Proxy Statement and other documents filed by Kohl&#8217;s free of charge from the SEC&#8217;s website,&#160;<FONT style='color:#0000FF;border-bottom:1px solid #0000FF'>www.sec.gov</FONT>. Copies will also be available at no charge on the Kohl&#8217;s website at&#160;<FONT style='color:#0000FF;border-bottom:1px solid #0000FF'>investors.kohls.com</FONT>.</P>
<P style='font:11pt Calibri;margin-top:0pt;margin-bottom:8pt'>&nbsp;</P>
<P style='font:11pt Calibri;margin:0'>&nbsp;</P>
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