For the second time in as many months and third time in a year, an activist investor is putting pressure on the department store chain to make changes or sell the company.

Activist hedge fund Macellum Advisors, which owns about 5% of Kohl's (KSS) stock, said in a letter Tuesday that Kohl's board of directors and leadership team spent last year "materially mismanaging the business and failing to implement necessary" improvements.

Macellum said it planned to nominate a slate of new board members unless Kohl's decides to work with the firm.

If Kohl's board won't make changes, the company should explore a sale, the activists said.

Shares of Kohl's rose around 6% early Tuesday on the news.

Kohl's did not immediately respond to a request for comment.

This is not the first time Macellum has targeted the department store company.