By  on October 31, 2008

Three Dillard’s Inc. directors fired back at activist shareholders Thursday, denying claims that management is overpaid, and standing behind the company’s strategy.

Barington Capital Group and Clinton Group, which collectively control about 5.3 percent of the retailer’s common stock, last week called on three of the firm’s independent directors to oust chief executive officer William Dillard 2nd. The investors said compensation for members of the Dillard family working at the firm topped $130 million over the last decade as operations faltered.

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