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  "documentTitle": "Macellum Letter to Christopher Banks Jun 2015",
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  "presentationDate": "2015-06-01 00:00:00",
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  "notes": "This is a page from an activist investor presentation (Macellum Advisors) criticizing the board of Christopher & Banks.",
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      "kind": "paragraph",
      "text": "Unfortunately, we believe the operating results and stock price performance speak for themselves. The Company is failing to deliver compelling products to their customers and failing to execute the MPW conversions to plan.",
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      "text": "We remain mystified as to why, at this juncture after multiple quarters of declining results and lowered targets, Ms. Via and the Board would be opposed adding new highly qualified board members. Ms. Via refusal to even talk to Mr. Waller is particularly troubling given his significant success during his tenure at the Company.",
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      "kind": "paragraph",
      "text": "Earlier in the year we surfaced many of the issues and challenges faced by the Company. Unfortunately, our concerns have been borne out as the results have shown the business suffered beyond the impact of the port strike. The Board, who should have substantially greater access to information, has seemingly failed to see these obvious problems. If we had joined the Board back in March, we could be several months into the implementation of possible solutions but instead are now faced with lower projections and are forced to wait several more quarters to see if the issues are being adequately addressed.",
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      "kind": "paragraph",
      "text": "There is nothing preventing the Board from adding Directors at this juncture. We remain open to having a constructive dialog with Management and the Board and believe we can work together to help Christopher & Banks achieve its full potential.",
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      "kind": "paragraph",
      "text": "These facts all suggest to us that the Board is not providing enough support to help the Company achieve its objectives. Effective Boards are comprised of industry experts that serve as effective sounding boards for their executives. It is not enough for a Board to create a compensation plan that satisfies the \"say on pay\" requirements and watch idly as the business deteriorates. By the time business deterioration is apparent in metrics like same store sales, operating margins or inventory turns, the damage has already been done. An effective Board must establish measurable mileage markers to ensure the executives remain focused on the right issues and are progressing against their targets and benchmarks. We feel that with additional oversite and input from Board members with deep industry knowledge and expertise, the Company could be executing at a much higher level.",
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      "text": "Sincerely,\n\nJonathan Duskin\nMacellum Advisors GP, LLC",
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      "text": "VI. The time for change at the Board is now",
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