- PROXY FIGHT AT DILLARD'S:
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Barington Capital Group on Wednesday said it notified Dillard's Inc. that it will nominate four people for election to the retailer's 12-member board. Barington represents a group of investors that control about 5.6 percent of the company's Class A stock. The group of investors also includes Clinton Group Inc. According to Barington, the move is being initiated because of a lack of confidence in Dillard's current board to improve shareholder value. Barington pointed out that Dillard's stock price fell by 54 percent from June 30, 2007, through the close of trading on March 18, representing a loss of $1.6 billion to shareholders. Barington's nominees include James Mitarola, the chairman, president and chief executive officer of Barington; Charles Elson, a corporate governance expert and professor; Nick White, a former Wal-Mart Inc. executive, and Eric Salus, a former senior executive with Federated Department Stores. Dillard's confirmed receipt of the notification and said it was forwarded to the board's executive committee. - TARRANT SETTLING UP:
Tarrant Apparel Group will pay a total of $14 million to the Internal Revenue Service for back taxes, interest and penalties covering the seven years ended 2002. Under the terms of the settlement, the Los Angeles-based private label apparel producer will pay $4 million immediately and $250,000 a month until the balance is paid off. The company, which previously disclosed the audits, does not expect to record any additional charges against income beyond the interest on the outstanding balance.- VUITTON MOVE:
Louis Vuitton North America appointed Eyde Steinberg as senior vice president, human resources, effective May 1. Steinberg is currently senior vice president, human resources, at LVMH Inc., which she joined in 1996. In that role, she is responsible for areas such as executive recruitment and development for the Americas, as well as managing LVMH's corporate training programs. At Louis Vuitton, Steinberg will replace Carol Pearson, who is expected to take a position with LVMH Moët Hennessy Louis Vuitton in Europe.