Investors eye changes to Dillard’s board of directors
March 5, 2008,
New York – Two investment funds that together own about 3.7 million shares, or 5.3%, of the 71.2 million outstanding shares of department store operator Dillard’s Inc., have announced that they are considering putting up candidates for election to the Dillard’s board of directors at the company’s next annual meeting.
The investors demanded the documents by this Friday, March 7.
In August 2007, Barington founder and chairman James Mitarotonda had characterized Dillard’s shares as “significantly undervalued” and said of the situation: “The status quo is not acceptable.” He requested a meeting with chairman and ceo William Dillard, which management declined.
The Little Rock, Ark.-based retailer reported 2007 sales of $7.2 billion, down 5.6% from $7.7 billion a year earlier; comps fell 5.0% in the period.
Dillard’s is No.37 on the HTT Top 50 Retailing Giants list, with 2006 home textiles sales of $117 million.