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Shareholder of Failing Clothing Designer Launches Attack on Company Board.
Knight Ridder/Tribune Business News, June, 2003
By Monty Phan, Newsday, Melville, N.Y. Knight Ridder/Tribune Business News
Jun. 12--Struggling clothier Nautica Enterprises has failed to adapt to consumers' changing tastes, analysts said yesterday, a day after a noted shareholder activist with a history of shaking up companies' management launched a proxy bid against the sportswear maker.
On Tuesday, James Mitarotonda, the general partner of Barington Cos. Equity Partners, led a group of investors seeking to add three members to Nautica's eight-person board at its annual meeting next month. Among the changes the group proposed was a possible sale or merger of Manhattan-based Nautica.
"We felt it was undervalued and underperforming. We felt that we could be helpful to the business,"...
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