Activist fund Barington Capital Group LP has initiated a proxy fight for seats on the board of apparel retailer Chico’s.
Barington has nominated two directors to join the company’s board, which has nine members.
Go deeper with GlobalData
The activist investor nominated Macy’s former executive Janet Grove and Barington chief executive James Mitarotonda, reported The Wall Street Journal.
The activist fund owns a 1.4% stake in Chico’s. It is not seeking a change in leadership or sale of the business; but it believes that the costs need to be restricted by the retail chain.
Chico’s has begun addressing Barington’s concerns, reported the publication, citing people familiar with the situation.
See Also:
Last December, Chico’s appointed Walmart executive Shelley Broader as CEO.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataBroader realigned the digital and marketing operations of Chico’s, as well as handed over powers to take decisions at the brand level.
This move was expected to save $14m a year.
