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2021-12-06

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Kohl’s Urged to Consider Sale by Activist Investor<blockquote>激进投资者敦促美国柯尔百货公司考虑出售</blockquote>

An activist investor is urging department-store chain Kohl’s Corp. to consider a sale of the compan

Kohl’s Urged to Consider Sale by Activist Investor<blockquote>激进投资者敦促美国柯尔百货公司考虑出售</blockquote>

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{"i18n":{"language":"zh_CN"},"data":{"magic":2,"id":608266181,"tweetId":"608266181","gmtCreate":1638750028149,"gmtModify":1638750049259,"author":{"id":3555136548043615,"idStr":"3555136548043615","authorId":3555136548043615,"authorIdStr":"3555136548043615","name":"Gee1","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"userType":1,"introduction":"","boolIsFan":false,"boolIsHead":false,"crmLevel":11,"crmLevelSwitch":0,"individualDisplayBadges":[],"fanSize":17,"starInvestorFlag":false},"themes":[],"images":[],"coverImages":[],"extraTitle":"","html":"<html><head></head><body>great</body></html>","htmlText":"<html><head></head><body>great</body></html>","text":"great","highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"favoriteSize":0,"link":"https://laohu8.com/post/608266181","repostId":1177651154,"repostType":4,"repost":{"id":"1177651154","kind":"news","pubTimestamp":1638749617,"share":"https://www.laohu8.com/m/news/1177651154?lang=zh_CN&edition=full","pubTime":"2021-12-06 08:13","market":"us","language":"en","title":"Kohl’s Urged to Consider Sale by Activist Investor<blockquote>激进投资者敦促美国柯尔百货公司考虑出售</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1177651154","media":"WSJ","summary":"An activist investor is urging department-store chain Kohl’s Corp.  to consider a sale of the compan","content":"An activist investor is urging department-store chain Kohl’s Corp. &nbsp;to consider a sale of the company or a separation of its e-commerce business.<blockquote>一位激进投资者敦促连锁百货公司Kohl's Corp.考虑出售该公司或分离其电子商务业务。</blockquote> New York-based hedge fund Engine Capital LP wants the retailer to examine the two alternatives to improve its lagging stock price, according to a letter sent to Kohl’s board Sunday and viewed by The Wall Street Journal. Engine owns a roughly 1% Kohl’s stake.<blockquote>据《华尔街日报》看到的周日发给Kohl's董事会的一封信称，总部位于纽约的对冲基金Engine Capital LP希望该零售商研究这两种替代方案，以改善其落后的股价。Engine拥有Kohl's约1%的股份。</blockquote> Engine argues that the company has underperformed both the S&amp;P 500 and other retailers in recent years. Kohl’s shares closed Friday at $48.45, roughly where they were 10 years ago, giving the Menomonee Falls, Wis., company a market value of around $7 billion.<blockquote>Engine认为，该公司近年来的表现逊于标普500和其他零售商。美国柯尔百货公司股价周五收于48.45美元，与10年前大致持平，使这家位于威斯康星州梅诺莫尼瀑布的公司市值约为70亿美元。</blockquote> Engine said in the letter that assuming online sales revenue of around $6.2 billion, Kohl’s digital business alone would be worth $12.4 billion. Engine also said it believes there are private-equity firms that would pay at least $75 a share and that interactions with potential buyers suggest they could do so by monetizing Kohl’s real estate.<blockquote>Engine在信中表示，假设在线销售收入约为62亿美元，仅Kohl's数字业务就价值124亿美元。Engine还表示，它相信有些私募股权公司愿意支付每股至少75美元，与潜在买家的互动表明，他们可以通过将Kohl's房地产货币化来实现这一目标。</blockquote> Kohl’s didn’t immediately respond to a request for comment.<blockquote>美国柯尔百货公司没有立即回应置评请求。</blockquote> Kohl’s has said it previously concluded that such sale-leasebacks wouldn’t add value. On its most recent earnings call Chief Executive Michelle Gass seemed to push back against the idea of separating its e-commerce unit by saying it works in tandem with the company’s stores. Earlier this year, Kohl’s reinstated a dividend and boosted its share repurchases. It is also investing in its new partnership with Sephora and another e-commerce fulfillment center and updating more than half of its more than 1,000 stores. Kohl’s in November reported better-than-expected fiscal third-quarter earnings and raised its full-year guidance.<blockquote>美国柯尔百货公司表示，此前曾得出结论，此类售后回租不会增加价值。在最近的财报中，看涨期权首席执行官Michelle Gass似乎反驳了拆分其电子商务部门的想法，称该部门与公司的商店协同工作。今年早些时候，美国柯尔百货公司恢复了股息并加大了股票回购力度。它还投资于与丝芙兰和另一个电子商务履行中心的新合作伙伴关系，并更新其1,000多家商店中的一半以上。Kohl's 11月份公布了好于预期的第三财季收益，并上调了全年指引。</blockquote> The idea of separating a department store’s fast-growing e-commerce business from its retail stores has gained popularity following Saks Fifth Avenue’s move earlier this year to spin off Saks.com. While customers won’t notice much of a difference, it gives investors the opportunity to buy into only the faster-growing segment, which could boost its value. The Saks unit aims to go public in the first half of 2022 with a target valuation of roughly $6 billion—three times what it was pegged at earlier this year—the Journal has reported.<blockquote>今年早些时候，萨克斯第五大道精品百货店(Saks Fifth Avenue)剥离Saks.com后，将百货公司快速增长的电子商务业务与其零售店分离的想法越来越受欢迎。虽然客户不会注意到太大差异，但它让投资者有机会只购买增长较快的细分市场，这可能会提高其价值。据《华尔街日报》报道，Saks部门计划于2022年上半年上市，目标估值约为60亿美元，是今年早些时候估值的三倍。</blockquote> That prompted Macy’s Inc. to hire consulting firm AlixPartners to evaluate whether it makes sense to spin off its e-commerce operations, a move that followed pressure from an activist investor. Macy’s shares soared 21% Nov. 18, the day the move was announced, though they have dropped along with the broader market since then.<blockquote>这促使梅西百货聘请咨询公司AlixPartners来评估剥离其电子商务业务是否有意义，此举是在激进投资者的压力下做出的。11月18日，即宣布此举的当天，梅西百货股价飙升21%，但此后股价随大盘下跌。</blockquote> Kohl’s was targeted in early 2021 by a group of four activists who aimed to replace a majority of its board. The stock rose in the following months, and the two sides eventually reached a truce that added three new directors to Kohl’s board. Under the agreement, the activists—Macellum Advisors GP LLC, Ancora Holdings Inc. and Legion Partners Asset Management LLC, as well as 4010 Capital LLC—could launch another proxy fight beginning Jan. 12.<blockquote>2021年初，Kohl's成为四名活动人士的目标，他们旨在取代其董事会的大部分成员。该股在接下来的几个月里上涨，双方最终达成休战协议，为Kohl's董事会增加了三名新董事。根据协议，活动人士——Macellum Advisors GP LLC、Ancora Holdings Inc.和Legion Partners Asset Management LLC以及4010 Capital LLC——可以从1月12日开始发起另一场代理权争夺战。</blockquote> Engine was founded by Arnaud Ajdler and has roughly $400 million under management. It held a Kohl’s stake of less than 1% as of Sep. 30, the most recent date for which it was required to report holdings. Engine is best-known for calling on Ann Inc. to sell itself in 2015, which the Ann Taylor parent company did the following year.<blockquote>Engine由Arnaud Ajdler创立，管理着大约4亿美元。截至9月30日，该公司持有的Kohl's股份不到1%，这是其被要求报告持股情况的最近日期。Engine因在2015年呼吁Ann Inc.出售自己而闻名，Ann Taylor母公司在次年也这样做了。</blockquote>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Kohl’s Urged to Consider Sale by Activist Investor<blockquote>激进投资者敦促美国柯尔百货公司考虑出售</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nKohl’s Urged to Consider Sale by Activist Investor<blockquote>激进投资者敦促美国柯尔百货公司考虑出售</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nWSJ2021-12-06 08:13\n\n</h4>\n</header>\n<article>\nAn activist investor is urging department-store chain Kohl’s Corp. &nbsp;to consider a sale of the company or a separation of its e-commerce business.<blockquote>一位激进投资者敦促连锁百货公司Kohl's Corp.考虑出售该公司或分离其电子商务业务。</blockquote> New York-based hedge fund Engine Capital LP wants the retailer to examine the two alternatives to improve its lagging stock price, according to a letter sent to Kohl’s board Sunday and viewed by The Wall Street Journal. Engine owns a roughly 1% Kohl’s stake.<blockquote>据《华尔街日报》看到的周日发给Kohl's董事会的一封信称，总部位于纽约的对冲基金Engine Capital LP希望该零售商研究这两种替代方案，以改善其落后的股价。Engine拥有Kohl's约1%的股份。</blockquote> Engine argues that the company has underperformed both the S&amp;P 500 and other retailers in recent years. Kohl’s shares closed Friday at $48.45, roughly where they were 10 years ago, giving the Menomonee Falls, Wis., company a market value of around $7 billion.<blockquote>Engine认为，该公司近年来的表现逊于标普500和其他零售商。美国柯尔百货公司股价周五收于48.45美元，与10年前大致持平，使这家位于威斯康星州梅诺莫尼瀑布的公司市值约为70亿美元。</blockquote> Engine said in the letter that assuming online sales revenue of around $6.2 billion, Kohl’s digital business alone would be worth $12.4 billion. Engine also said it believes there are private-equity firms that would pay at least $75 a share and that interactions with potential buyers suggest they could do so by monetizing Kohl’s real estate.<blockquote>Engine在信中表示，假设在线销售收入约为62亿美元，仅Kohl's数字业务就价值124亿美元。Engine还表示，它相信有些私募股权公司愿意支付每股至少75美元，与潜在买家的互动表明，他们可以通过将Kohl's房地产货币化来实现这一目标。</blockquote> Kohl’s didn’t immediately respond to a request for comment.<blockquote>美国柯尔百货公司没有立即回应置评请求。</blockquote> Kohl’s has said it previously concluded that such sale-leasebacks wouldn’t add value. On its most recent earnings call Chief Executive Michelle Gass seemed to push back against the idea of separating its e-commerce unit by saying it works in tandem with the company’s stores. Earlier this year, Kohl’s reinstated a dividend and boosted its share repurchases. It is also investing in its new partnership with Sephora and another e-commerce fulfillment center and updating more than half of its more than 1,000 stores. Kohl’s in November reported better-than-expected fiscal third-quarter earnings and raised its full-year guidance.<blockquote>美国柯尔百货公司表示，此前曾得出结论，此类售后回租不会增加价值。在最近的财报中，看涨期权首席执行官Michelle Gass似乎反驳了拆分其电子商务部门的想法，称该部门与公司的商店协同工作。今年早些时候，美国柯尔百货公司恢复了股息并加大了股票回购力度。它还投资于与丝芙兰和另一个电子商务履行中心的新合作伙伴关系，并更新其1,000多家商店中的一半以上。Kohl's 11月份公布了好于预期的第三财季收益，并上调了全年指引。</blockquote> The idea of separating a department store’s fast-growing e-commerce business from its retail stores has gained popularity following Saks Fifth Avenue’s move earlier this year to spin off Saks.com. While customers won’t notice much of a difference, it gives investors the opportunity to buy into only the faster-growing segment, which could boost its value. The Saks unit aims to go public in the first half of 2022 with a target valuation of roughly $6 billion—three times what it was pegged at earlier this year—the Journal has reported.<blockquote>今年早些时候，萨克斯第五大道精品百货店(Saks Fifth Avenue)剥离Saks.com后，将百货公司快速增长的电子商务业务与其零售店分离的想法越来越受欢迎。虽然客户不会注意到太大差异，但它让投资者有机会只购买增长较快的细分市场，这可能会提高其价值。据《华尔街日报》报道，Saks部门计划于2022年上半年上市，目标估值约为60亿美元，是今年早些时候估值的三倍。</blockquote> That prompted Macy’s Inc. to hire consulting firm AlixPartners to evaluate whether it makes sense to spin off its e-commerce operations, a move that followed pressure from an activist investor. Macy’s shares soared 21% Nov. 18, the day the move was announced, though they have dropped along with the broader market since then.<blockquote>这促使梅西百货聘请咨询公司AlixPartners来评估剥离其电子商务业务是否有意义，此举是在激进投资者的压力下做出的。11月18日，即宣布此举的当天，梅西百货股价飙升21%，但此后股价随大盘下跌。</blockquote> Kohl’s was targeted in early 2021 by a group of four activists who aimed to replace a majority of its board. The stock rose in the following months, and the two sides eventually reached a truce that added three new directors to Kohl’s board. Under the agreement, the activists—Macellum Advisors GP LLC, Ancora Holdings Inc. and Legion Partners Asset Management LLC, as well as 4010 Capital LLC—could launch another proxy fight beginning Jan. 12.<blockquote>2021年初，Kohl's成为四名活动人士的目标，他们旨在取代其董事会的大部分成员。该股在接下来的几个月里上涨，双方最终达成休战协议，为Kohl's董事会增加了三名新董事。根据协议，活动人士——Macellum Advisors GP LLC、Ancora Holdings Inc.和Legion Partners Asset Management LLC以及4010 Capital LLC——可以从1月12日开始发起另一场代理权争夺战。</blockquote> Engine was founded by Arnaud Ajdler and has roughly $400 million under management. It held a Kohl’s stake of less than 1% as of Sep. 30, the most recent date for which it was required to report holdings. Engine is best-known for calling on Ann Inc. to sell itself in 2015, which the Ann Taylor parent company did the following year.<blockquote>Engine由Arnaud Ajdler创立，管理着大约4亿美元。截至9月30日，该公司持有的Kohl's股份不到1%，这是其被要求报告持股情况的最近日期。Engine因在2015年呼吁Ann Inc.出售自己而闻名，Ann Taylor母公司在次年也这样做了。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.wsj.com/articles/engine-capital-urges-kohl-s-to-consider-e-commerce-separation-11638745345?mod=hp_lead_pos4\">WSJ</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"KSS":"柯尔百货"},"source_url":"https://www.wsj.com/articles/engine-capital-urges-kohl-s-to-consider-e-commerce-separation-11638745345?mod=hp_lead_pos4","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1177651154","content_text":"An activist investor is urging department-store chain Kohl’s Corp.  to consider a sale of the company or a separation of its e-commerce business.\nNew York-based hedge fund Engine Capital LP wants the retailer to examine the two alternatives to improve its lagging stock price, according to a letter sent to Kohl’s board Sunday and viewed by The Wall Street Journal. Engine owns a roughly 1% Kohl’s stake.\nEngine argues that the company has underperformed both the S&P 500 and other retailers in recent years. Kohl’s shares closed Friday at $48.45, roughly where they were 10 years ago, giving the Menomonee Falls, Wis., company a market value of around $7 billion.\nEngine said in the letter that assuming online sales revenue of around $6.2 billion, Kohl’s digital business alone would be worth $12.4 billion. Engine also said it believes there are private-equity firms that would pay at least $75 a share and that interactions with potential buyers suggest they could do so by monetizing Kohl’s real estate.\nKohl’s didn’t immediately respond to a request for comment.\nKohl’s has said it previously concluded that such sale-leasebacks wouldn’t add value. On its most recent earnings call Chief Executive Michelle Gass seemed to push back against the idea of separating its e-commerce unit by saying it works in tandem with the company’s stores. Earlier this year, Kohl’s reinstated a dividend and boosted its share repurchases. It is also investing in its new partnership with Sephora and another e-commerce fulfillment center and updating more than half of its more than 1,000 stores. Kohl’s in November reported better-than-expected fiscal third-quarter earnings and raised its full-year guidance.\nThe idea of separating a department store’s fast-growing e-commerce business from its retail stores has gained popularity following Saks Fifth Avenue’s move earlier this year to spin off Saks.com. While customers won’t notice much of a difference, it gives investors the opportunity to buy into only the faster-growing segment, which could boost its value. The Saks unit aims to go public in the first half of 2022 with a target valuation of roughly $6 billion—three times what it was pegged at earlier this year—the Journal has reported.\nThat prompted Macy’s Inc. to hire consulting firm AlixPartners to evaluate whether it makes sense to spin off its e-commerce operations, a move that followed pressure from an activist investor. Macy’s shares soared 21% Nov. 18, the day the move was announced, though they have dropped along with the broader market since then.\nKohl’s was targeted in early 2021 by a group of four activists who aimed to replace a majority of its board. The stock rose in the following months, and the two sides eventually reached a truce that added three new directors to Kohl’s board. Under the agreement, the activists—Macellum Advisors GP LLC, Ancora Holdings Inc. and Legion Partners Asset Management LLC, as well as 4010 Capital LLC—could launch another proxy fight beginning Jan. 12.\nEngine was founded by Arnaud Ajdler and has roughly $400 million under management. It held a Kohl’s stake of less than 1% as of Sep. 30, the most recent date for which it was required to report holdings. Engine is best-known for calling on Ann Inc. to sell itself in 2015, which the Ann Taylor parent company did the following year.","news_type":1,"symbols_score_info":{"KSS":0.9}},"isVote":1,"tweetType":1,"viewCount":1993,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"CN","currentLanguage":"CN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":5,"xxTargetLangEnum":"ZH_CN"},"commentList":[],"hasMoreComment":false,"orderType":2}