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  "docSlug": "d022b5102472",
  "documentTitle": "Deckers Outdoor Corporation (DECK)",
  "authorId": "07_Marcato",
  "authorName": "Richard T. McGuire III",
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  "presentationDate": "2017-11-01 00:00:00",
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  "notes": "Uses a quote-based structure to frame the board's inaction as a failure of governance.",
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      "text": "Inexplicably, the board declined to retain this consultant (or any other consultant of comparable reputation and quality) to pursue this path to create shareholder value.",
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      "kind": "paragraph",
      "text": "Lack of urgency in retail closure plan: \"Deckers' board and management have determined not to pursue the rationalization of its retail store network in a meaningful way.... In our view, a serious approach to rationalizing the retail store network would target all stores that do not generate acceptable returns on a fully-allocated basis and would close them on an accelerated timetable, even if leases must be broken in order to do so.\"",
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      "text": "Lack of urgency on cost saving plan: \"As you know, we introduced you to a leading global retail consultant in July 2015. We understand that this consultant identified the opportunity to significantly enhance Deckers' operating profit through store rationalization and SG&A expense and COGS reductions. Inexplicably, the board declined to retain this consultant (or any other consultant of comparable reputation and quality) to pursue this path to create shareholder value. Management told us that it would be “too disruptive.”",
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      "text": "– Red Mountain Capital (Top 10 Deckers Shareholder 12/5/16)",
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      "text": "“As you know, we introduced you to a leading global retail consultant in July 2015. We understand that this consultant identified the opportunity to significantly enhance Deckers' operating profit through store rationalization and SG&A expense and COGS reductions. Inexplicably, the board declined to retain this consultant (or any other consultant of comparable reputation and quality) to pursue this path to create shareholder value. Management told us that it would be “too disruptive.”” — Red Mountain Capital (Top 10 Deckers Shareholder 12/5/16)",
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      "text": "Source: Red Mountain Capital Letter",
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      "text": "BOARD HAS REJECTED SHAREHOLDERS' RECOMMENDATIONS",
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