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  "documentTitle": "Macellum The Childrens Place Presentation April 2015",
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  "presentationDate": "2015-04-01 00:00:00",
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  "notes": "The slide uses specific quotes from company leadership to expose contradictions in their strategic planning.",
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      "text": "On the November 15, 2012 investor conference call Ms. Elfers stated “...we completed an extensive market analysis in the first quarter of 2012, which indicated a fleet potential of 1,250 to 1,300 stores in North America.”",
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      "text": "Capital expenditures have totaled $399 million since Ms. Elfers has been CEO under the oversight of the current Board.",
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      "text": "At a point when it was already one of the largest specialty retailers in North America, the Company proceeded to grow stores by another 18% since 2010 and as recently as November 2012 initiated a plan to grow to 1,250-1,300 stores, or 18-22% more than the existing number of stores at the time.",
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      "text": "The Company expanded its store footprint from 947 stores in January 2010 to 1,117 stores in November 2014.",
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      "text": "Seven months later in June of 2013, the then Chief Financial Officer of the Company, Mr. Michael Scarpa, updated investors that “...we have made the decision to close approximately 100 underperforming stores through 2016 including 45 this year.”",
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      "text": "While the Company prides itself on its gains in e-commerce, it has merely kept pace with industry average growth rates.",
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      "text": "While many “best in class” retailers appear to have been working to shrink their North American store footprints and migrate sales to the Internet, the Company was accelerating store growth.",
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      "text": "Capital spending has exceeded depreciation and amortization by $89 million over the past five years. Nonetheless, EBITDA has continued to decline and return on invested capital has dropped.",
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      "text": "After waiting over four years for the planning and allocation systems to help drive a recovery of gross margins, Management’s guidance for the benefit this is year is only a 20-50 basis point gross margin improvement.",
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      "text": "Store footprint expansion – further evidence of what we believe to be poor decision making and oversight:",
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      "text": "Systems implementation: The Company has spent substantial amount of capital on new systems. Investors have yet to see any meaningful returns from these initiatives.",
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      "kind": "title",
      "text": "We Believe Capital Allocation Has Been Poor",
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      "evidence": "Critique of capital expenditures, store expansion, and systems investment returns.",
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