A group of activist investors has a big stake in Kohl’s Corp. KSS 8.48% and is attempting to take control of the department-store chain’s board, according to people familiar with the matter.

A group that includes activists Macellum Advisors GP LLC, Ancora Holdings Inc. and Legion Partners Asset Management LLC, as well as 4010 Capital LLC, controls a combined 9.5% stake in Kohl’s and earlier this year nominated nine people to its now-12-person board,the people said. Neither the size of the stake nor the board bid previously has been revealed.

The trio of activists, which previously teamed up on a campaign that remade the board of housewares retailer Bed Bath & Beyond Inc., BBBY 0.68% thinks Kohl’s isn’t moving fast enough to address stagnant sales and declining operating margin, issues that predate the pandemic, the people said.

Activist Investors Nominate Nine Directors to Kohl’s Board – WSJ