Activist investor urges Kohl's to sell -- or to spin off its online business

New York-based hedge fund Engine Capital LP wants the retailer to examine the two alternatives to improve its lagging stock price, according to a letter sent to Kohl’s KSS, -2.89% board Sunday and viewed by The Wall Street Journal. Engine owns a roughly 1% Kohl’s stake.

Engine argues that the company has underperformed both the S&P 500 and other retailers in recent years. Kohl’s shares closed Friday at $48.45, roughly where they were 10 years ago, giving the Menomonee Falls, Wis., company a market value of around $7 billion. Engine said in the letter that assuming online sales revenue of around $6.2 billion, Kohl’s digital business alone would be worth $12.4 billion. Engine also said it believes there are private-equity firms that would pay at least $75 a share and that interactions with potential buyers suggest they could do so by monetizing Kohl’s real estate.An expanded version of this report appears on WSJ.com.China seeks first military base on Africa’s Atlantic coast, U.S. intelligence finds.

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