Ex-CEO of Children’s Place Files Lawsuit
New York The former chief executive of The Children’s Place Retail Stores Inc. has filed a complaint demanding the children’s clothing retailer move up its annual meeting, according to a regulatory filing Monday.
On Friday, Ezra Dabah requested that the company hold its annual meeting within 45 days of his filing the complaint. The meeting is currently scheduled for June 27. The last meeting was held June 22, 2006.
“There is no reason to delay the annual meeting for another four months,” Dabah said in the filing with the Securities and Exchange Commission.
Dabah beneficially owns about 5 million shares, or a 17.2% stake in the Secaucus, N.J.-based company.
Dabah was forced out as CEO in September after a company probe found he had violated internal policies for securities trades. Earlier this month, Dabah said he intended to offer, along with Golden Gate Private Equity Inc., $24 per share in cash for Children’s Place.
In a letter to the board, Dabah sought permission to bypass certain Delaware shareholder acquisition laws that could otherwise preclude Golden Gate’s participation in an offer.
In the latest filing, Dabah said that if the board fails to grant the waiver, it is “effectively depriving itself of the opportunity to review and consider, on behalf of the company’s stockholders, a premium offer to acquire the company.”
Dabah said he plans to contact other shareholders and may solicit proxies to receive shareholder approval of his proposals or seek to elect directors to the board.
Onkyo to stop HD-DVD production
OSAKA, Japan Following Toshiba’s announcement that it would no longer manufacturer HD-DVD products, Onkyo said it has decided to discontinue development and production of HD-DVD players. Onkyo’s players are made with core parts supplied by Toshiba.
Onkyo said it has distributed and sold about 2000 units of HD-DVD players and will continue to provide support for all owners of its products. The company said it will continue to manufacture products geared toward the Blu-ray format.
Saks puts ‘Want It!’ on wheels
NEW YORK Saks Fifth Avenue is taking its “Want It!” campaign on wheels. According to reports, the retailer has decorated a double-decker bus with Want It! images and will use the bus as a means of transporting customers from the flagship Fifth Avenue store to popular destinations on the Upper East Side.
Customers can take the bus from March 13 to 15 and receive free admission to several museums featured in Saks’ Want It! ads. According to reports, Saks’ fashion director will be among personalities making guest appearances on the bus.
The Saks tour guides will reportedly sport Want It! fashions and use a script that promotes the season’s trends and includes a history of Saks Fifth Avenue.