Former Canada Prime Minister's hedge fund pushes Kohl's to sell itself: Reuters
Then Prime Minister Stephen Harper addresses supporters after he lost the federal election in Calgary, Alberta, October 19, 2015.

An activist hedge fund chaired by former Canadian Prime Minister Stephen Harper is pushing U.S. department store operator Kohl's to sell itself, according to people familiar with the matter.

Kohl's rejected acquisition offers worth as much as $64 per share in 2022, when it also came under pressure from several activist shareholders to explore a sale.

It held on for a bid worth more than $70 per share that never came, and has since struggled to make its stores more profitable and grow its e-commerce business. Its shares are now hovering at around $26.

Vision One Management Partners, a fund co-founded by Harper and former Carl Icahn protégé Courtney Mather, has built a stake in Kohl's and expressed concerns to the company about its future, the sources said.

Vision One has asked Kohl's to launch a sale process and also give it board representation, the sources added, requesting anonymity because the matter is confidential.

Kohl's was not available for comment and Vision One did not respond to requests for comment.

The development makes Kohl's the second U.S. department store operator to come under investor pressure to sell itself in as many months. Last month, Macy's rejected a $5.8 billion offer to be taken private by investors Arkhouse Management and Brigade Capital Management, on the grounds it was too cheap and may not have the necessary financing.