Philadelphia An investor group upset with Charming Shoppes Inc.’s stock performance and growth strategy will seek three board seats, the company said Tuesday.
In a letter to Charming Shoppes dated Jan. 15, the group informed the company of its intention to nominate three people to the board: Michael Appel, a managing director of Quest Turnaround Advisors; Arnaud Ajdler, a managing director of Crescendo Partners II LP; and Robert Frankfurt, president of Myca Partners.
The trio said it was “deeply concerned” about the chain’s current business strategy. The group hopes to “re-focus the company’s business operations and unlock the true intrinsic value of the company.”
Among the recommendations, the group suggested exploring the sale of assets like real estate, credit-card operations or the catalog business; slowing store expansion; streamlining operations and reducing overhead; and buying back shares.