Children’s Place Shares Rise

The Children’s Place Inc. posted improved fourth-quarter results the day after two activist funds agitated for change at the company. Robert Vill, group vice president for finance at the Secaucus, N.J.-based firm, read a statement from chairman Norman Matthews at the outset of the conference call to Wall Street analysts: “Yesterday, we received a letter from Barington Capital and Macellum Advisors outlining their views on the company. The board and management team of The Children’s Place appreciate constructive input from all of the company’s shareholders on ways to enhance value for investors. We will review and evaluate the letter. After we have completed our review and evaluation, we will be in a position to respond.” The activists’ letter, sent Wednesday afternoon to Matthews, criticized the performance of the company under chief executive officer Jane Elfers, charging “deteriorating operating performance since 2010 under” her watch. Matthews’ statement in response was, “Let me state very clearly, that our ceo, Jane Elfers, has the board’s full and unequivocal support and confidence. The board firmly believes that Jane Elfers has done an excellent job and is the right leader for our company.” The chairman’s statement didn’t address any other matter, such as the hedge funds’ push for independent

Follow WWD on Twitter or become a fan on Facebook.

Read More...



from WWD » Children’s Place Shares Rise http://ift.tt/1B94t21

via IFTTT