NEW YORK, May 20, 2015 /PRNewswire/ -- Shareholders for Change at The Children's Place, a group led by Macellum Advisors GP, LLC and Barington Capital Group, L.P., who collectively beneficially own approximately 2.1% of the outstanding shares of The Children's Place, Inc. ("The Children's Place" or the "Company") (NASDAQ: PLCE), has issued the following statement regarding certain false and misleading statements released today by the Company:
We believe the Company and its representatives are once again trying to mislead investors. The recent statement that we rejected a settlement from The Children's Place is completely false, demonstrating once again in our opinion that the Board of Directors (the "Board") is not acting in the best interests of The Children's Place shareholders. Last night, representatives of Shareholders for Change at The Children's Place participated in good faith to negotiate a potential settlement with two Board members of the Company. The two Board members suggested that the Company would be willing to add our nominee Robert L. Mettler to the Board, as well as to begin a process to identify an additional, mutually agreeable independent director to appoint to the Board. The Board members then stated, however, that it might take up to a year to find such a mutually agreeable candidate and that they were unwilling to speak with our nominee Seth R. Johnson to determine whether he would be mutually agreeable.
After further discussion, the parties agreed to continue the settlement discussions today. Without any further notice, and to our great surprise, the Company issued a press release falsely stating that we had rejected their proposal. We believe this statement is a deliberate attempt to mislead shareholders to sway votes just days before the Annual Meeting. We believe such actions are egregious and are the hallmarks of a poorly governed Board desperately clinging to power.
We stand by our commitment to continue our discussion with the Company to reach a mutually agreeable settlement, but one that is in the best interests of all shareholders of the Company, and which addresses the serious issues that we have raised throughout this contest.
DO NOT LET THE BOARD DISTRACT YOU FROM THE SERIOUS ISSUES THAT MATTER IN THIS CONTEST
THE CHOICE IS CLEAR: VOTE THE BLUE PROXY CARD TODAY TO PROTECT THE VALUE OF YOUR INVESTMENT!
Shareholders for Change at The Children's Place believes its highly qualified nominees – Seth R. Johnson and Robert L. Mettler – have the requisite retail, business and financial experience that will allow them to make informed decisions to explore and identify opportunities to unlock value at The Children's Place.
SHAREHOLDERS FOR CHANGE AT THE CHILDREN'S PLACE URGES ALL SHAREHOLDERS TO VOTE FOR CHANGE AT THE CHILDREN'S PLACE BY ELECTING ITS TWO HIGHLY-QUALIFIED NOMINEES
TIME IS SHORT – PLEASE VOTE THE BLUE CARD ONLINE TODAY
If you have any questions or require any assistance with your vote, please contact D.F. King & Co., Inc. at the numbers listed below.
Contact Details: Jonathan Duskin Macellum Capital Management, LLC (212) 956-3008
George W. Hebard III Barington Capital Group, L.P. (212) 974-5733
Richard Grubaugh D.F. King & Co., Inc. (212) 269-5550 800-515-4507 (Toll-free)
SOURCE Macellum Advisors GP, LLC; Barington Capital Group, L.P.