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  "docSlug": "jarvis-macellum-perry-ellis-presentation-april-2014",
  "documentTitle": "Macellum Perry Ellis Presentation April 2014",
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  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2014-04-01 00:00:00",
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  "notes": "The slide uses a 'villain critique' approach to justify activist intervention by highlighting specific operational and governance failures.",
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      "text": "The CEO/COO family retains ownership of the jet and charges Pinehurst for management use and anecdotes regarding travel and other expenses also lead us to believe there is a sizable opportunity.\nMoney Losing Brands / Businesses - Mgmt identified several brands losing at least $10m on an annual basis.\nManagement has a history of high turn over and inability to retain A talent.\nFour of the five independent Board of Directors live in Miami and have no relevant experience.\nReal estate seems excessive – HQ/DC and NYC show rooms total 460k. In addition there is another 650k+ sq feet of owned DC space and 136k leased. Plus another 160k of leased office space in multiple locations across the country.\nInitial work and management conversations lead us to estimated net real estate value of $50mm.",
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      "text": "Low hanging fruit on the cost side – PERY is a decent company in desperate need of “adult supervision”",
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      "text": "Mismanagement and Opportunities",
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