By 
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.
Kohl’s shares are down by nearly half this year as consumers tighten their wallets, denting sales at retailers such as Kohl’s that sell apparel and other discretionary items. The Menomonee Falls, Wis., company now has a market value of about $3 billion.
The New York hedge fund held unsuccessful talks with Kohl’s over the past few months to try to come to an agreement to make board changes, the people said. The fund didn’t press for other commitments.
Macellum has told the company it will run another proxy fight next year if no settlement is reached, the people said.
An expanded version of this report appears on WSJ.com.
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