Macellum Advisors own 5.1% of Christopher & Banks, having been active since April. The stock is off 25% since then. The fund sent a letter to the apparel retailer today, outlining the fact that the board is a bunch of fools, being asleep at the wheel while running this primer retailer into the ground.
The board has let down Macellum, its shareholders and Christopher & Banks CEO LuAnn Via. Macellum wants board representation, which it’s been denied. Thus, Macellum has no choice but to vote against each and every board member for re-election at the upcoming annual meeting.
The West Coast port strike is no longer a usable excuse for the company’s shitty performance. It needs to get itself sold. Macellum wants to open up the company to strategic alternatives.