<SEC-DOCUMENT>0000892712-22-000099.txt : 20220422
<SEC-HEADER>0000892712-22-000099.hdr.sgml : 20220422
<ACCEPTANCE-DATETIME>20220422160634
ACCESSION NUMBER:		0000892712-22-000099
CONFORMED SUBMISSION TYPE:	DEFA14A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20220422
DATE AS OF CHANGE:		20220422

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:		22845511

	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
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<TYPE>DEFA14A
<SEQUENCE>1
<FILENAME>kss14a.htm
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<TITLE>KOHL'S DEFA14A</TITLE>
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<P align=center style='font:18pt Times New Roman;margin-top:4pt;margin-bottom:0pt'><B>UNITED STATES </B></P>
<P align=center style='font:18pt Times New Roman;margin:0'><B>SECURITIES AND EXCHANGE COMMISSION </B></P>
<P align=center style='font:12pt Times New Roman;margin:0'><B>Washington, D.C. 20549 </B></P>
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<P align=center style='font:18pt Times New Roman;margin-top:12pt;margin-bottom:0pt'><B>SCHEDULE 14A INFORMATION </B></P>
<P align=center style='font:12pt Times New Roman;margin:0'><B>PROXY STATEMENT PURSUANT TO SECTION 14(a) OF THE </B></P>
<P align=center style='font:12pt Times New Roman;margin:0'><B>SECURITIES EXCHANGE ACT OF 1934 </B></P>
<P align=center style='font:12pt Times New Roman;margin:0'><B>(AMENDMENT NO. ____) </B></P>
<P style='font:12pt Times New Roman;margin:0'>&#160;</P>
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<P style='font:10pt Times New Roman;margin-top:12pt;margin-bottom:0pt'>Filed by the Registrant&#160;&#160;[X] </P>
<P style='font:10pt Times New Roman;margin-top:12pt;margin-bottom:0pt'>Filed by a Party other than the Registrant&#160;&#160;<FONT style='font-family:Segoe UI Symbol'>&#9744;</FONT> </P>
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</TD><TD valign=middle><P style='font:10pt Times New Roman;margin:0;color:#000000'>Preliminary Proxy Statement </P>
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</TD><TD valign=middle><P style='font:10pt Times New Roman;margin:0;color:#000000'>Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2))&#160;</P>
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</TD><TD valign=middle><P style='font:10pt Times New Roman;margin:0;color:#000000'>Definitive Proxy Statement </P>
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</TD><TD valign=middle><P style='font:10pt Times New Roman;margin:0;color:#000000'>Definitive Additional Materials </P>
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</TD><TD valign=middle><P style='font:10pt Times New Roman;margin:0;color:#000000'>Soliciting Material Pursuant to &#167;240.14a-12</P>
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<P align=center style='font:18pt Times New Roman;margin-top:12pt;margin-bottom:0pt'><B>KOHL&#8217;S CORPORATION </B></P>
<P align=center style='font:10pt Times New Roman;margin:0'><B>(Name of Registrant as Specified In Its Charter) </B></P>
<P align=center style='font:10pt Times New Roman;margin-top:12pt;margin-bottom:0pt'><B>Name of Person(s) Filing Proxy Statement if other than the Registrant) </B></P>
<P style='font:10pt Times New Roman;margin-top:12pt;margin-bottom:0pt'>Payment of Filing Fee (Check all boxes that apply): </P>
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</TD><TD valign=top><P style='font:10pt Times New Roman;margin:0;color:#000000'>Fee paid previously with preliminary materials </P>
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</TD><TD valign=middle><P style='font:10pt Times New Roman;margin:0;color:#000000'>Fee computed on table in exhibit required by Item 25(b) per Exchange Act Rules 14a-6(i)(1) and 0-11</P>
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<P style='font:10pt Times New Roman;margin:0;margin-left:-13.5pt'><FONT style=background-color:#FFFFFF><B>THE FOLLOWING IS </B><B>A</B><B>N ARTICLE </B><B>POSTED</B><B> TO</B><B> </B><B>KOHLSMOMENTUM.COM ON APRIL 22, 2022: </B><B> </B></FONT></P>
<P style='font:10pt Times New Roman;margin:0;margin-left:-13.5pt'>&nbsp;</P>
<P style='font:11pt Calibri;margin:0'><FONT style='font-family:Times New Roman'><B>Baltimore Business Journal: </B></FONT><FONT style='font-family:Times New Roman;color:#0563C1;border-bottom:1px solid #0563C1'>T. Rowe Price funds side with Kohl's in retailer's proxy fight</FONT></P>
<P style='font:11pt Calibri;margin:0'><FONT style='font-family:Times New Roman'>By Holden Wilen </FONT><FONT style='font:10pt Helvetica;color:#222222'>&#8211;&#160;Reporter, Baltimore Business Journal</FONT></P>
<P style='font:11pt Calibri;margin:0'><FONT style='font-family:Times New Roman'>April 21<SUP>st</SUP>, 2022</FONT><FONT style='font:10pt Helvetica;color:#222222'>, 2:11pm EDT</FONT></P>
<P style='font:11pt Calibri;margin:0'>&nbsp;</P>
<P style='font:11pt Calibri;margin:0'><FONT style='font-family:Times New Roman'>T. Rowe Price Associates plans to support Kohl's Corp. management in a proxy battle between the retailer and an activist investor.</FONT></P>
<P style='font:11pt Calibri;margin:0'>&nbsp;</P>
<P style='font:11pt Calibri;margin:0'><FONT style='font-family:Times New Roman'>Macellum Advisors, the investment adviser affiliate of New York-based hedge fund Macellum Capital Management, has been critical of Kohl's for not performing as well as it could. Macellum called for Kohl's to consider a sale and has proposed a slate of 10 nominees to replace a majority of the company's board of directors.</FONT></P>
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<P style='font:11pt Calibri;margin:0'><FONT style='font-family:Times New Roman'>Kohl's itself has nominated 13 incumbent board members ahead of the annual meeting of shareholders on May 11 while working with investment bank Goldman Sachs to field offers from potential buyers.</FONT></P>
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<P style='font:11pt Calibri;margin:0'><FONT style='font-family:Times New Roman'>T. Rowe Price Associates said in a proxy voting case study it will vote its shares for the nominees proposed by Kohl's. T. Rowe Price funds owned 6.8 million shares of Kohl's, or 5.3% of all shares outstanding, as of Dec. 31. T. Rowe Price Associates is an investment adviser subsidiary of Baltimore-based T. Rowe Price Group Inc. that manages the company's mutual funds.</FONT></P>
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<P style='font:11pt Calibri;margin:0'><FONT style='font-family:Times New Roman'>&quot;We find strong evidence that the incumbent board is committed to choosing the path it believes has the highest likelihood of shareholder value creation,&quot; T. Rowe Price said in the case study. &quot;Furthermore, we are confident the board is employing an independent and rigorous process to determine the appropriate path for the company.&quot;</FONT></P>
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<P style='font:11pt Calibri;margin:0'><FONT style='font-family:Times New Roman'>At $59.09 per share as of afternoon trading Thursday, T. Rowe Price's stake in Kohl's (NYSE: KSS) is worth about $401.6 million. T. Rowe Price has $1.55 trillion in assets under management as of March 31.</FONT></P>
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<P style='font:11pt Calibri;margin:0'><FONT style='font-family:Times New Roman'>T. Rowe Price (NASDAQ: TROW) said it met with Macellum and Kohl's before making its voting decision. The money manager acknowledged Kohl's faces &quot;unusual circumstances&quot; as the board simultaneously undertakes a proxy contest while evaluating a potential sale of the company. However, T. Rowe Price said its final vote decision &quot;reflects the path we believe is most constructive, enabling the company to focus on the decisions most likely to benefit shareholders over time.&quot;</FONT></P>
<P style='font:11pt Calibri;margin:0'>&nbsp;</P>
<P style='font:11pt Calibri;margin:0'><FONT style='font-family:Times New Roman'>Kohl&#8217;s continues to have challenges ahead of it, T. Rowe Price said. Kohl's has experienced setbacks in the past several years including Covid-related store closures, missed revenue targets and strategic initiatives that have been slow to gain traction.</FONT></P>
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<P style='font:11pt Calibri;margin:0'><FONT style='font-family:Times New Roman'>The company's management has laid out profitability targets and operational goals, and T. Rowe Price said it has encouraged the board to hold the management team accountable by publishing frequent, transparent assessments of its progress against those goals. T. Rowe Price also said it has offered suggestions for how Kohl's could alter its executive incentive program to become more closely aligned with the financial targets.</FONT></P>
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<P style='font:11pt Calibri;margin:0'><FONT style='font-family:Times New Roman'>T. Rowe Price offered criticism for one of Macellum's recommendations &#8212;&nbsp;a sale-leaseback transaction.</FONT></P>
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<P style='font:11pt Calibri;margin:0'><FONT style='font-family:Times New Roman'>&quot;We would have concerns about such a transaction, as it could unduly increase leverage of this cyclical company at the wrong point in the cycle,&quot; T. Rowe Price.</FONT></P>
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<P style='font:11pt Calibri;margin:0'><FONT style='font-family:Times New Roman'>Reuters first reported T. Rowe Price's intent to vote shares in support of the Kohl's board nominees.</FONT></P>
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