Tuesday, 16 September 2014
Last updated 14 min ago
Jan 30 2008 | 7:21am ET
A pair of activist hedge funds is demanding changes at an iconic southern department store.
Barrington Capital Group and Clinton Group, which together own 5.3% of Dillard’s Inc., have called on the company to improve its inventory management, close underperforming stores and sell properties, all in the name of improving its stock price.
“Dillard’s can and must deliver considerably better financial and share price performance,” Barrington’s James Mitaronda and Clinton Group’s Michael Popson wrote to the Little Rock, Ark.-based company’s board. While acknowledging that times are difficult for retailers, Mitaronda and Popson complained that Dillard’s management has not responded to its suggestions for improving performance.
“Unfortunately, it appears to us that you have not only ignored our letters, but have also done little to improve the company on your own initiative, as Dillard’s financial results have gone from bad to worse since our initial communication in June 2007,” they wrote.
But Mitaronda and Popson expressed optimism about the company’s future, calling a recent share buyback a positive step, and noting that Dillard’s markets in the south and southwest are growing rapidly.
Aug 25 2014 | 11:21am ET
As many of you know, FINalternatives was recently acquired by the owners of Futures magazine, a firm called The Alpha Pages LLC. Today marks the soft-launch of a new sister site for both publications. As its name suggests, The Alpha Pages will cover all types of alternative investments, going far beyond the more well-known ones such as hedge funds and private equity. Read more…
The Federal Reserve keeps baby-stepping toward a “normalization” of monetary policy. But just what is normal?