Activist investor Macellum Advisors GP LLC said Kohl's Corp. /zigman2/quotes/210414114/composite KSS -2.51% leadership has been "materially mismanaging" the business, and plans to nominate a number of candidates for the board of directors unless the board addresses the long-term underperformance of the stock. Kohl's stock slipped 0.6% in premarket trading. Macellum, which owns nearly 5% of the shares outstanding, said it believes the stock could be valued at $100 per share, or more than double Friday's closing price of $47.77, if Kohl's were to make changes to improve operation execution and optimize its balance sheet, which could include selling some of its $7 billion-to-$8 billion worth of real estate assets. Macellum said if Kohl's is unwilling to make suggested changes, it should explore strategic alternatives, including a possible sale of the company. It has gained 9.6% over the past 12 months through Friday, while the SPDR S&P Retail ETF /zigman2/quotes/206947004/composite XRT -0.56% has rallied 16.2% and the S&P 500 /zigman2/quotes/210599714/realtime SPX +0.21% has advanced 23.7%.