NEW YORK, July 1, 2016 /PRNewswire/ -- The Barington Group,
which collectively beneficially owns more than 1.5% of the
outstanding shares of common stock of Chico's FAS, Inc. (NYSE: CHS)
("Chico's" or the "Company"), announced today that it has released
a comprehensive presentation detailing its strategic plan to
improve performance and enhance long-term shareholder value at
Chico's. The Barington Group's full presentation can be
viewed by clicking the following link:
http://tinyurl.com/j5mh6xe.
The presentation highlights the Barington Group's successful
track record working with underperforming retail and apparel
companies and sets forth its comprehensive plan to improve Chico's
performance and to enhance long-term shareholder value. As
detailed in the presentation, the Barington Group's plan involves
improving merchandising and operating execution, growing the Soma
brand, reducing the Company's high overhead and advertising costs,
repurchasing common stock at current prices, and improving the
Company's executive compensation practices. In the
presentation, the Barington Group details the key reasons why it is
critically important that stockholders elect the Barington Group's
two experienced, independent, stockholder-focused nominees:
James Mitarotonda and Janet Grove. The presentation also
summarizes the Barington Group's concerns regarding the Company's
Board nominees. These include serious concerns regarding
Bonnie Brooks, whose election to the
Board would create a material conflict of interest as she is the
Vice Chairman of Hudson's Bay
Company which owns and operates department store chains – including
Saks Fifth Avenue and Lord & Taylor – that directly compete
with the Company's three brands.
The Barington Group encourages stockholders to visit its
website, www.barington.com/chicos.html, dedicated to the election
of its two highly qualified nominees to the Chico's Board at the
Company's upcoming 2016 Annual Meeting.
The Barington Group's nominees are:
James A. Mitarotonda – Mr.
Mitarotonda, 62, is the Chairman and Chief Executive Officer of
Barington Capital Group, L.P which has a successful track record
investing in retail and apparel companies. Mr. Mitarotonda is
an experienced public company director who has represented
stockholder interests on more than a dozen boards. He is
collaborative in his approach and has helped numerous public
companies improve their long-term financial performance, corporate
governance and executive compensation practices.
Janet E. Grove – Ms.
Grove, 65, has over 40 years of retail industry experience,
including serving as Vice Chairman of Macy's, Inc., a leading
department store chain, and as Chairman and Chief Executive Officer
of Macy's Merchandising Group, where she was responsible for
designing, sourcing, marketing and merchandising Macy's private
branded products and managing key vendor relationships. Since
retiring from Macy's, she has served as a senior advisor to the CEO
of Karstadt Department Stores, one of the largest department store
chains in German. She has also served on the Board of
Directors of Aeropostale, Inc., a specialty retailer of teen
apparel, and Safeway, Inc., one of the largest food and drug
retailers in the United
States.
THE CHOICE IS CLEAR: VOTE THE BLUE PROXY CARD NOW TO
PROTECT THE VALUE OF YOUR INVESTMENT!
If you have any questions or need assistance in voting the
Barington Group's BLUE proxy card, please contact the
Barington Group's proxy solicitor, Okapi Partners LLC.
OKAPI PARTNERS LLC
1212 Avenue of the Americas, 24th Floor
New York, NY 10036
(212) 297-0720
Stockholders Call Toll-Free at: (877) 566-1922
E-mail:
info@okapipartners.com
About Barington Capital Group, L.P.:
Barington Capital Group, L.P. is a fundamental, value-oriented
activist investment firm that was established by James A. Mitarotonda in January 2000.
Barington invests in undervalued publicly traded companies that
Barington believes can appreciate significantly in value as a
result of a change in corporate strategy or improvements in
operations, capital allocation or corporate governance.
Barington's investment team, advisors and network of industry
experts draw upon their extensive strategic, operating and
boardroom experience to assist companies in designing and
implementing initiatives to improve long-term shareholder
value. Barington has substantial experience investing in
retail and other consumer-focused companies, with prior investments
in Dillard's, The Children's Place, The Jones Group, Warnaco,
Nautica, Steve Madden, Payless
ShoeSource, Stride Rite, Collective Brands, Maxwell Shoe, Avon Products, Lone Star
Steakhouse, Darden Restaurants and Harry
Winston, among others.
CONTACTS:
Jared L. Landaw
Chief Operating Officer
Barington Capital Group, L.P.
Email: jlandaw@barington.com
Tel: (212) 974-5713
Okapi Partners LLC
Email: info@okapipartners.com
Tel: (212) 297-0720
(877) 566-1922 (toll-free)
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/barington-group-releases-detailed-presentation-on-chicos-fas-inc-300293124.html
SOURCE Barington Capital Group, L.P.