An activist investor that has long targeted Kohl’s Corp. KSS, -2.26% is ratcheting up the pressure, calling on the department-store chain to make changes to its board or face another proxy fight.
Macellum Advisors GP LLC, which has a roughly 5% stake in Kohl’s, is urging the company to replace three or more long-tenured directors, including its chairman, after sale talks collapsed earlier this year and as the share price sags, people familiar with the matter said.