In what may be an unusual move, the Charming Shoppes Full Value Committee on Thursday filed with the Securities and Exchange Commission an investor presentation for Charming Shoppes Inc.
This story first appeared in the March 3, 2008 issue of WWD. Subscribe Today.
The presentation outlines the committee’s viewpoint regarding the financial underperformance. It also notes its opinion that shareholder value is impaired due to its perceived operational and governance problems at the retail chain. Among the topics addressed are: capital allocation, management compensation, turnover at the division level and depth of experience at the board level. The committee is nominating three independent candidates to the board.
Industry consultant Walter Loeb described the company as a strong retailer and said he’s “never heard” of activist shareholders being involved at a retailer.