Kohl's Corp's reluctance to sell much of its real estate and then lease it back has set up the U.S. department store operator for a new confrontation with hedge funds.
reluctance to sell much of its real estate and then lease it back has set up the U.S. department store operator for a new confrontation with hedge funds.have been pressuring Kohl's
, could be the target of another proxy contest at its annual shareholder meeting next spring unless it can turn its fortunes around, Morningstar analysts wrote last week. The reason that Kohl's board decided against a big sale-leaseback was that it was concerned about the financial impact it would have on its financial health, according to people familiar with the matter who requested anonymity to discuss the deliberations. The board directors who carried out the review were worried that the company's slump in sales would make it risky to add to its liabilities, the sources added.
At a Goldman Sachs industry conference in September, Timm said the San Bernardino sale-leasebacks were attractive because the leases had a short term of five years that gave it flexibility should its circumstances change. She would not want to take on a 20-year lease as some in the industry do, she added.
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