A hedge fund led by ex-Canadian Prime Minister Stephen Harper, Vision One Management Partners, is urging American retailer Kohl's (NYSE:KSS) to sell itself, Reuters reported Tuesday.
Kohl’s shares popped 5% on Tuesday.
Despite rejecting offers of up to $64 per share in 2022 amid calls from activist investors to consider selling, Kohl's held out for a higher bid exceeding $70 per share, a proposal that never came.
Vision One, which Harper co-founded with Courtney Mather, a former associate of Carl Icahn, has acquired a position in KSS and has raised concerns regarding the retailer's direction.
The fund is pushing for Kohl's to initiate a sales process and is seeking seats on its board, according to Reuters.
The move comes in the wake of a challenging period for the retailer, which has been facing challenges in enhancing store profitability and expanding its online sales.