US: Dillard’s announces settlement to avoid proxy contest
Fashion apparel retailer Dillard's said it has has reached an agreement with Barington Capital Group and Clinton Group that will avoid a proxy contest at the company's forthcoming annual meeting of stockholders.
The settlement, in conjunction with Southeastern Asset Management, meant Dillard's agreed to nominate as directors James A Haslam, chief executive of Pilot Travel Centers, R Brad Martin, former chairman and CEO of Saks, Frank R Mori, co-chief executive of Takihyo, and Nick White, CEO of White & Associates at the annual meeting.
Barington and Clinton have agreed to cease their efforts to elect a slate of four nominees to the board at the meeting, slated for 17 May, and to vote for the election of the company's nominees, Dilards's said.
Chairman and CEO William Dillard II, said: "We are pleased to have reached an agreement with Barington and Clinton. Both the board and management welcome the perspectives and insights of our proposed new directors. The Class B board members are committed to working with the new Class A board members to ensure that the best operating plan and management team possible are in place."
Dillard's said it is committed to reviewing whether the company's real estate assets and capital are being optimally deployed. A statement by the company added: "Specifically, the company plans to close underperforming stores in order to rationalise real estate as soon as possible, will cut unnecessary costs, and subject all future commitments for new stores to strict return on capital requirements that will be set by the board and management."
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