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  "documentTitle": "Macellum Christopher Banks Letter April 2015",
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  "presentationDate": "2015-04-01 00:00:00",
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  "notes": "The slide uses financial data to argue against the Board's decision to replace Mr. Waller with Ms. Via.",
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      "text": "Mr. Waller joined the Company as President in December 2011 and, when it became apparent another CEO change was vital for the Company’s survival, he was elevated to CEO in February 2012. Under Mr. Waller’s leadership same store sales, margins and EBITDA improved dramatically. Once Mr. Waller returned the Company to its historic merchandise leadership, customers returned in large numbers. Mr. Waller was also responsible for implementing the tests that have morphed into the Company’s very successful MPW initiative.",
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      "text": "the Board named its own Chairman, who had no apparel retailing background, as its CEO. Over the tenure of the five different CEOs, EBITDA fell over $100mm to a loss of $(39)mm.",
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      "text": "Inexplicably, after a remarkably brief turnaround, the Board decided to remove Mr. Waller as CEO. Furthermore, we believe the Board acted against the will of shareholders, many of whom expressed shock over the decision to make a change at that juncture.",
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      "text": "Ms. Via’s prior experience was as President and CEO of Payless Shoesource (“Payless”). During her tenure there Payless struggled and was eventually sold to private equity sponsors in an attempt to maximize shareholder value.",
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      "text": "Shortly after Mr. Waller’s departure the Company’s same store sales again turned negative and the Company began to miss its projections. We are concerned that Ms. Via has undone many of the positive changes Mr. Waller implemented during his tenure that had caused the significant improvement in results.",
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      "text": "Waller's Tenure performance table",
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      "text": "III. The Board Hires LuAnn Via",
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