Christopher & Banks is facing new pressure from Macellum Advisors. Here’s the full letter, but the idea is that it wants to get a look at who the C&B shareholders are so it can prep for the proxy battle.
Macellum owns 5.1% of C&B and this is something we’ve mentioned in the past, a battle that’s waged, with the piece a June noting that Macellum effectively said the C&B board is dead to them [link to that] .
Macellum wants a sale of the retailer, but in the meantime is looking into wrongdoing by executives and insider sales that could have violated company trading policies. The Minneapolis-based company has revamped its store formats and opened more outlet stores. As of June 9, it operated 516 stores.