On January 25, 2022, Macellum Advisors, LP issued a press release and open letter to Kohl's Corporation's Board of Directors, which was also uploaded to Macellum Badger's website www.macellumcapitalmanagement.com. In the letter, Macellum Advisors urged the Board to immediately take the following steps to try to maximize value for all shareholders: (1) publicly commit to carrying out a robust process to review strategic alternatives; (2) form a special committee of independent directors to oversee the review, retain advisors and solicit proposals from all interested bidders, and; (3) invite a Macellum Advisors representative to join the Board and lead the special committee, effectively providing credibility to the process.