Arkansas-based fashion retailer’s shareholder to nominate 4 directors
March 20, 2008 - United States Of America
Dillard's Inc confirmed that it has received notice from Barington Capital Group, L.P. and Clinton Group, Inc., investment firms based in New York, that they are seeking to nominate four individuals for election to Dillard's Board of Directors at Dillard's 2008 annual meeting of shareholders.
The notice will be forwarded to the Executive Committee of the Company's Board of Directors for review. At this time, no action by Dillard's stockholders is necessary.
Over the past three years, Dillard's has undertaken various measures to improve its operations and maximize shareholder value. Some of the key initiatives include:
• enhancing the merchandise assortment by adding upscale, contemporary and trend-right fashion from exciting brands that customers are seeking;
• building and editing exclusive merchandise for a full range of customers, from those seeking classic choices to more fashion-forward styles;
• utilizing information technology more effectively to manage inventory as well as to tailor merchandise selections specifically for each store; and
• returning, in the last fiscal year, more than $124 million to shareholders through dividends and share repurchases.
Dillard's remains committed to addressing the challenges of the current retail environment, improving its operational performance and creating sustainable long-term value for all shareholders.