Charming Shoppes’ Settlement Offer Rejected
Bensalem, Pa. Charming Shoppes has made a proposal to settle the proxy contest related to the company’s 2008 annual meeting of shareholders. Crescendo Partners and Myca Partners have rejected this settlement offer, which included an offer of a seat on the Charming Shoppes’ board to Michael Appel, one of the committee’s director nominees.
The company also announced that it intends to appoint Richard Bennet, III, former vice chairman of The May Department Stores, and Michael Goldstein, former chairman and CEO of Toys “R” Us, to the board promptly following the May 8 annual meeting of shareholders.
Report: Sears prepares for challenging future
HOFFMAN ESTATES, Ill. Sears Holdings chairman Edward Lampert reportedly said his company is preparing itself to face further economic challenges.
Lampert said that despite his company’s recent difficulties, such as reporting a near 50% drop in its 4Q net income, it is reducing its own debt and trying not overextend itself.
Lampert added that Sears is targeting its efforts on improving the shopping experience for its customers.
Bon-Ton signs licensing deal with Victor Alfaro
YORK, Pa. Bon-Ton Stores has signed a license and design agreement with Victor Alfaro, an international designer, for an exclusive private brand collection, Victor by Victor Alfaro, which includes misses’, petite’s and women’s apparel, as well as shoes, accessories, jewelry and handbags.
Under the agreement, which was structured by ACI Licensing as the licensing agency on behalf of Victor Alfaro, the collection will be designed by Victor Alfaro. Bon-Ton will manage the sourcing, manufacturing, distribution and marketing of the collection.
Bud Bergren, president and ceo of Bon-Ton, commented, “We are very excited about our new partnership with the acclaimed designer Victor Alfaro. The distinctive styling, quality and the value of this exclusive line strengthens Bon-Ton stores’ position as a destination for fashionable, exclusive apparel and accessories. The collection will have a broad appeal as it crosses a wide range of age groups and demographics. Victor by Victor Alfaro is a compelling addition to our portfolio of exclusive private and national brand offerings which makes Bon-Ton the right place for our customers.”
The Victor by Victor Alfaro line will launch in September 2008 complete with a media and marketing program, fashion shows and personal appearances by Victor Alfaro. The collection addresses the wardrobe needs of the modern and confident woman, with a nod to the classics, and will include luxurious fabrics such as Italian merino wool and cashmere. The shoe collection is made of the finest quality leather. Jewelry and handbags will add the finishing touch with unique beading, designs and leathers. The new line will be sold in 153 stores initially and expand to all stores in spring 2009.