On May 19, 2022, Kohl’s reported weak sales growth and the Company’s decision to cut its full-year earnings forecast. It did not meet management's representations regarding the successful execution of the Company’s Strategic Plan.

Later, on May 20, 2022, Macellum Advisors GP, holder of nearly 5% of Kohl's, stated that “this quarter’s extremely disappointing results ...... attributed to the flawed strategic plan and an inability to execute.”  Macellum also stated that “the current Board appears to have withheld material information from shareholders about the state of Kohl’s in the lead-up to this year’s pivotal annual meeting,” which “suggests to us a clear breach of fiduciary duty.”

On this news, Kohl's shares declined by about 13% and lost $750 million of its capitalization on May 20, 2022, seriously damaging investors.