N.Y.-based Venator Group "defeated a proxy battle for
board seats by dissident shareholder Greenway Partners" on
Friday, according to Erin White of the WALL STREET JOURNAL.
Greenway, Venator's "largest shareholder with slightly more
than" a 14% stake, had "proposed its own slate of four
nominees on the 11-member board against Venator's roster of
four incumbents." At Friday's meeting, Venator management
"highlighted the company's turnaround plans and insisted
that the athletic-apparel industry is on the cusp of
recovery." Venator also presented "plans to cut its
assortment in half but triple its inventory from a year
earlier in the third quarter." The company is "targeting
its Champs Sports division for recovery by improving
customer service, refocusing on eight to 19 year olds and
sprucing up its stores" (WALL STREET JOURNAL, 7/19). In
N.Y., Evelyn Nussenbaum reported that Venator's shareholders
"did vote" for Greenway's proposal to "repeal Venator's
poison pill, an anti-takeover measure that allows a company
to flood the market with new shares of stock to ward off a
hostile bid." Venator Chair & CEO Roger Farah called the
day a "victory" for Venator: "Shareholders have sent a clear
message -- it's important to let Venator continue to pursue
its business plan without further cost and distraction"
(N.Y. POST, 7/17). Venator's shareholders "voted down" a
bid by Greenway to "return the Woolworth name in place of
Venator." Venator shares rose 12 1/2 cents on Friday, to
close at $11.75 a share on the NYSE (AP, 7/17).
