Children's Place Inc. has agreed to add a former Macy's Inc.
executive to its board, settling a proxy fight with a shareholder
group as the retailer holds its annual meeting Friday.
Barington Capital Group LP and Macellum Advisors LLC, which
together own about 2% of the company, have criticized Children's
Place's deteriorating operating performance since 2010, citing
negative same-store sales growth and poor merchandising decisions.
The firms had been looking to add two retail industry veterans to
the Children's Place board.
Children's Place said it has agreed to appoint one of the firms'
nominees, former Macy's special projects president Robert L.
Mettler, as an independent member of its board after its annual
meeting. It has also has committed to adding another mutually
agreeable director and will reimburse Macellum and Barington up to
$500,000 for out-of-pocket expenses.
Shares, up nearly 20% this year, were little changed in
midmorning trading Friday.
Write to Chelsey Dulaney at Chelsey.Dulaney@wsj.com
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