Shareholders in Christopher & Banks Corp. re-elected the clothing retailer’s nine-member board of directors Thursday in the face of criticism by an institutional investor.
No new nominations were put forth and each member got a majority vote, the company said.
Macellum Advisors GP, the third-largest shareholder in the Plymouth-based company, with a 5.1 percent stake, in April began raising questions about the board’s oversight.
Jonathan Duskin of Macellum expressed concern that board members lacked backgrounds in specialty apparel and about the company’s inability to boost sales. In a June 18 letter to Christopher & Banks, he said Macellum would vote against the board members and push the company to consider a sale.
In an interview after the meeting, chief executive LuAnn Via said the board had spoken to Duskin since April in person and by phone. Duskin had expressed concern that the company’s stock had lost nearly two-thirds of its value after reaching a three-year high of $11.22 last September. It closed on Thursday at $4.27, up nearly 3 percent for the day.
Via said she had been surprised by the volatility of the stock and noted the retailer had hit performance goals set in a turnaround plan. “We delivered what we said we would deliver,” she said.
The company’s annual meeting, held at a Minneapolis law office, lasted just 13 minutes.
Shareholders also approved the compensation of executive officers and ratified its accountant selection.
The women’s specialty retailer has 518 stores, including 216 MPW stores, which offer a range of sizes for missy, petites and women’s under one roof. The retailer’s other brands include Christopher & Banks, CJ Banks and outlet stores.