Why Kohl's Tumbled 13% This Week

Shares of the department store chain fell 13.1% this week from where they closed last Friday, according to data from S&P Global Market Intelligence, after shareholders beat back an attempt by activist shareholders to gain a presence on the board of directors. The same trio of activist investors that tried to execute a turnaround at Bed Bath & Beyond -- two of whom that are taking on management at grocery store chain SpartanNash -- also tried to shake things up at Kohl's, but all 13 existing directors were reelected by shareholders. Macellum Advisors, Ancora Holdings, and Legion Partners Asset Management sought to have nine directors elected to the department store's board, alleging management and the board were not doing enough to turn the retailer's business around.