An Amazon.com Inc. sign hangs outside a Kohl’s Corp. department store in Huntington Beach, California, U.S., on Saturday, May 11, 2019.
Kyle Grillot | Bloomberg | Getty Images
The group of activist investors looking to seize control of Kohl’s board has reduced the number of directors that it plans to nominate, to five from nine.
In a letter sent to the retailer’s shareholders Thursday morning, the group — which has a combined 9.5% stake in Kohl’s — said it originally nominated nine candidates “in hopes of working constructively with the board to choose from a large pool of candidates to construct a well-balanced board.”
But Kohl’s was quick to reject the initial proposal late last month,…