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News For CBK From The Last 14 Days
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June 18, 2015
07:03 EDTCBKMacellum says Christopher & Banks Corp. failed to exercise appropriate oversight
Macellum Advisors sent a letter today to the board of Christopher & Banks. In the letter, Macellum states its belief that the board has failed to exercise appropriate oversight and has not served as a good sounding board for CEO, LuAnn Via. Macellum further notes that it is disappointed to have its request to add highly qualified directors to the Board, including former CEO, Joel Waller summarily rejected. In the letter, Macellum expresses that issues it raised earlier this year are negatively impacting the business, that the company can no longer blame the West Coast port strike for its declining results and the company must look internally for solutions. Macellum highlights its additional concerns over the deterioration in the company's results and believes that with proper governance and oversight, the company should be capable of achieving high single digit operating margins and meaningful revenue growth by gaining back lost market share within its target demographic. Lastly, Macellum states its belief that with the trend toward consolidation in the missy sector, the company would be an attractive target and should formally begin a process to explore strategic alternative.

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