NEW YORK – The Children's Place rejected the board nominations of two investment firms, saying that their take on the retailer and its path forward are "incorrect."
Barington Capital Group, L.P and Macellum Advisors GP LLC, which collectively own 2 percent of the company's stock, nominated three people to the board. The nominations are in opposition current members standing for re-election, including, Chairman Norman Matthews, Kenneth Reiss and Stanley Reynolds.
The firms sent a letter to Matthews last month addressing leadership at the Secaucus, New Jersey, retailer and its possible sale.
"We appreciate constructive input from our shareholders and are always open to listen to ideas to improve the company. However, we believe that Barington and Macellum's views on the Company's leadership and performance are simply incorrect," Matthews said, in a printed statement.
The annual meeting is scheduled for May 22.
Shares of The Children's Place Inc. are trading close to seven-year highs.
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