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Glass Lewis said the company has taken meaningful steps to boost sales and profitability and that it’s stock performance has been reasonably in line with industry peers and concluded that it does not make sense for investors to back the dissident’s slate. Macellum nominated 10 director candidates.
“We are not convinced that the dissident’s slate of nominees would represent a marked improvement” over the company’s directors, the report, which was seen by Reuters, said.
