Fashion chain Chico's FAS has brought in Joele Frank, Wilkinson Brimmer Katcher for PR support as it faces heat from activist investor Barington Capital.
New York-based Barington argues Chico's is underperforming peers and failing to create long-term value for shareholders. The firm is offering a slate of two board nominees, including Barington's CEO James Mitarotonda and former Macy's Merchandising CEO Janet Grove.
Chico's, which has been cutting costs and eyes more cuts up to $85M, argues CEO Shelley Broader, who took the reins late last year, as well as CFO Todd Vogensen (July 2014) have the company on the right path. It is offering its own slate of independent director candidates.
Chico's, which has also engaged Innisfree M&A Inc. for the proxy showdown, has pushed its annual meeting from June 16 to July 21.
Joele Frank partner Barrett Golden leads the PR work for Chico's. Jennifer Powers is VP of IR for Chico's in-house.
Barington has engaged proxy solicitor and IR firm Okapi Partners.
In addition to the flagship Chico's, the company's brands include White House Black Market and Soma.
Stagwell CEO Mark Penn reports Q3 net revenues jumped 6 percent to $614.5M, a record performance for a non-political period. Operating income soared 45.7 percent to $60.9M.
Joele Frank works for Klöckner Pentaplast as the German maker of plastic films declares Chapter 11. A successful reorganization would slash its its corporate debt by $1.5B.
Teneo represents Metsera, the New York City biotech focused on weight-control products, which is subject to a bidding war between heavyweights Novo Nordisk and Pfizer.
Haggie Partners is working the $7B takeover of the specialty insurer Convex by Canada’s Onex private equity fund and American International Group.
WPP reported Q3 revenues less pass-through costs tumbled 5.9 percent to $3.3B, a performance new CEO Cindy Rose called “unacceptable.”
