New York City The former chief executive of The Children's Place Retail Stores, Ezra Dabah, said Friday that he decided not to make a formal, binding offer for the retailer because of the weak debt markets, but may seek board seats or take other action.
Early last year, Dabah said he was working on a proposal to buy the children's clothing retailer for about $578 million with Golden Gate Private Equity.
On Friday, Dabah said he is considering other actions to maximize shareholder value instead of a buyout offer, including electing directors to the company's board through a possible proxy solicitation.
Dabah said he also plans to push for some senior management changes and may propose candidates for leadership roles.
In February, acting chair and lead director Sally Frame Kasaks said the completion of the company's strategic review now allows it to speed up its search for a permanent chief executive.
Dabah was forced out of the post in September 2007 after a company investigation found he had violated internal policies for securities trades.
On Friday, he reported holding 5 million Children's Place common shares, representing a 17% stake in the retailer.