Skip to main content

Children’s Place rejects board nominees


Secaucus, N.J. - The Children's Place Inc. has rejected three board of directors nominees from shareholders Barington Capital Group L.P. and Macellum Advisors GP LLC. The two investment firms, which collectively own less than 2% of the company’s shares, sent a letter expressing concern about The Children’s Place financial performance and recommending new nominees in March 2015.

The Children’s Place's board of directors said it has evaluated Barington and Macellum’s nominees and concluded that its own three nominees for re-election and other members of the board are suitable.

The board thus recommends election of the company’s nominees and has rejected the Barington/Macellum nominees. Stockholders do not need to take any action at this time.

“We appreciate constructive input from our shareholders and are always open to listen to ideas to improve the company,” said Norman Matthews, chairman of The Children’s Place board of directors. “However, we believe that Barington and Macellum’s views on the company’s leadership and performance are simply incorrect. Our board and management team are driving a transformation of The Children’s Place, which has resulted in a significant increase in shareholder value, measured by an increase in stock price, share repurchases and the payment of dividends.”

Matthews is one of the three nominees Barington and Macellum’s nominations oppose. The others are Kenneth Reiss and Stanley Reynolds.

This ad will auto-close in 10 seconds