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An activist investor has urged department store chain Kohl’s Corp. (NYSE:KSS) to consider a sale of the company or a separation of its e-commerce business, the Wall Street Journal reported.
What Happened: New York-based hedge fund Engine Capital LP sent a letter to Kohl’s board on Sunday and asked the company to examine the two alternatives to boost its lagging stock price, as per the report.
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Engine Capital, which owns a nearly 1% stake in Kohl’s, noted that the retailer’s digital business alone would be worth $12.4 billion, assuming online sales revenue of about $6.2 billion.
Engine Capital also said it believes there are private-equity firms that would pay at least $75 a share for the company.
See Also: Should Macy's Sell Teslas And Get Into Cryptocurrency? This Activist Investor Says So
Why It Matters: Engine Capital’s move comes after department store chain Saks Fifth Avenue’s e-commerce business, Saks.com, was split off into a separate entity earlier this year. Insight Partners made a $500 million minority equity investment in Saks.com, valuing the business at $2 billion.
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The Saks unit aims to go public in the first half of 2022 with a target valuation of roughly $6 billion -- three times its valuation earlier this year.
It was reported in October that retailer Macy’s Inc. (NYSE:M) was also urged by activist investment firm Jana Partners LLC to spin off its e-commerce business.
Last month, Kohl’s reported better-than-expected earnings results for the third quarter and raised its fiscal 2021 outlook. The company has also formed a partnership with Sephora to lure in customers to its stores.
The company’s year-to-date returns are 26.6%.
Price Action: Kohl’s stock closed almost 2.9% lower in Friday’s regular trading session at $48.45, but rose 0.1% in the after-hours session to $48.50.
Read Next: Alibaba To Reorganize E-Commerce Into Separate Domestic, International Units — Names New CFO
Photo: Courtesy of Tkefan29 via Wikimedia
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.