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VALINOR MAKES DELIA’S BET: David Gallo’s hedge fund Valinor Management LLC has picked up an 18.7 percent stake in teen/tween specialty store Delia’s Inc. and will nominate two individuals, including Valinor’s Seth Cohen, to the firm’s board of directors. Valinor disclosed the stake of nearly 14.4 million shares in the retailer in a regulatory filing with the Securities and Exchange Commission Wednesday. The second board nominee will be from outside Valinor but approved by Tracy Gardner, Delia’s chief executive officer. Included in the fund’s share count are Series B stock and notes that can be converted into common shares.
Gardner has moved to get Delia’s on turnaround footing, but the company’s shares hadn’t reflected those efforts until recently. However, since hitting a 52-week low of 60 cents on Feb. 18, they’ve doubled in value, rising 24.2 percent to $1.20 in Nasdaq trading Wednesday. Fourth-quarter sales slid 34.2 percent in the fourth quarter as it cleared dated inventory.