Home / Knowledge / News / Apparel/Garments / Charming Shoppes comments on Glass Lewis report
Charming Shoppes comments on Glass Lewis report
25
Apr '08
Charming Shoppes Inc announced that Glass Lewis & Co has recommended that shareholders reject Arnaud Ajdler and Robert Frankfurt, the two hedge fund director candidates nominated by the Crescendo Partners and Myca Partners hedge funds, for election to Charming Shoppes' Board of Directors at the Company's 2008 Annual Meeting of Shareholders.

Charming Shoppes issued the following statement:
"We are pleased that Glass Lewis recommended that shareholders not support the dissident group's two hedge fund nominees, Ajdler and Frankfurt, neither of whom has any relevant retail or management experience.

"The principals of the Crescendo and Myca hedge funds as they have done at other publicly-traded companies are advocating a risky and imprudent short-term financial reengineering scheme at Charming Shoppes with the goal of leveraging up the Company and buying back stock.

These hedge funds have still not advocated any new ideas to navigate the Company through the current economic environment or create long-term shareholder value.

"We believe, however, that Glass Lewis missed the mark with respect to the dissident group's third nominee, Michael Appel.

We think Glass Lewis is simply wrong to equate the qualifications of Appel with those of Charming Shoppes' directors. Appel's retail experience has been primarily limited to small companies in restructuring or Chapter 11.

Furthermore, Appel has no experience as a senior executive of a public company and no Board experience.


Must ReadView All

Building of Ethiopian textile unit by Chinese firm starts

Textiles | On 22nd Jan 2018

Building of Ethiopian textile unit by Chinese firm starts

Chinese firm Wuxi No. 1 Cotton Mill will build a textile plant in...

India’s silk board chief stresses need to boost production

Textiles | On 22nd Jan 2018

India’s silk board chief stresses need to boost production

Silk production in India needs to be increased as inadequate...

Kenya AGOA aims doubling 2016 exports value to US by 2025

Apparel/Garments | On 22nd Jan 2018

Kenya AGOA aims doubling 2016 exports value to US by 2025

The United States Agency for International Development (USAID) Hub in ...

Interviews View All

Divyesh Mashruwala
Akshar Industries

Surat dominates foiling, embossing and pleating

Anavila Misra
Anavila Collection

Fashion shows are also encouraging and highlighting sustainable fashion

Manfred Mentges
Sedo Treepoint GmbH

We see a higher demand in colour management systems, as customers see big...

Anupam Arya

<div>Jaipur-based Fabriclore Retailing Pvt. Ltd. is attempting to revive...

Abhishek Pachauri

Reckon Industries adapts latest systems for manufacturing from designing...

Tejas N Patel, Navin D Patel

Founded in 1999 by Navin Patel in the name of Tejas Fabrics with 100...

Suresh Patel
Sidwin Fabric

Sidwin Fabric is a manufacturer and exporter of polypropylene textiles and ...

Mohammad Hassan
Biax Fiberfilm

About one in every 20 patients picks up an infection while hospitalised....

Lynda Kelly
Suominen Corporation

Suominen Corporation is a manufacturer of nonwovens as roll goods for...

Aditi Somani
Aditi Somani

Aditi Somani specialises in luxury fusion wear with international cuts and ...

Anisha Chaudhari
Threads & Shirts

Threads &amp; Shirts is a freshly-tailored concept providing men/women a...

Pranav Mishra
Huemn

Designers Pranav Mishra and Shyma Shetty’s Huemn is known for its...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

January 2018

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Active Poll

Do you see sustainability as a route to business growth?

Yes
69.1%
No
13.4%
Skip
17.5%

Total Votes: 97

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Active Poll

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes
63.9%
No
28.9%
Skip
7.2%

Total Votes: 97

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Active Poll

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes
87.6%
No
9.3%
Skip
3.1%

Total Votes: 97

Thanks for your valuable feedback. Claim your free latest sustainability e-book.

Active Poll

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes
82.5%
No
8.2%
Skip
9.3%

Total Votes: 97


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search