Macellum Advisors GP LLC said Thursday it intends to vote against each director of retailer Christopher & Banks Corp. at the company's upcoming shareholder meeting. In a letter to the company, Macellum said the board has failed to exercise oversight, "and has not served as a good sounding board for CEO, LuAnn Via". Macellum is disappointed that the board rejected its request to add qualified directors, including former CEO, Joel Waller. The investment advisory reiterated a list of complaints made earlier this year, saying Christopher & Banks can no longer blame the West Coast port strike for its weak results. It urged management to start the process of exploring its strategic options as it would make an attractive target. Shares were not yet active in premarket trade, but are down 30% in the year so far, while the S&P 500 has gained 2%.
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