Charming Shoppes Group Seeks Board Seats, Possible Asset Sales
Philadelphia An investor group upset with Charming Shoppes Inc.’s stock performance and growth strategy will seek three board seats, the company said Tuesday.
In a letter to Charming Shoppes dated Jan. 15, the group informed the company of its intention to nominate three people to the board: Michael Appel, a managing director of Quest Turnaround Advisors; Arnaud Ajdler, a managing director of Crescendo Partners II LP; and Robert Frankfurt, president of Myca Partners.
The trio said it was “deeply concerned” about the chain’s current business strategy. The group hopes to “re-focus the company’s business operations and unlock the true intrinsic value of the company.”
Among the recommendations, the group suggested exploring the sale of assets like real estate, credit-card operations or the catalog business; slowing store expansion; streamlining operations and reducing overhead; and buying back shares.