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  "documentTitle": "Macellum The Childrens Place Presentation April 2015",
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      "text": "The Children's Place is a relatively mature retailer in North America and, in our view, needs to allocate capital resources accordingly. We believe inventory turns should be improved. We believe that returning inventory turnover to 4.9x would generate $65 to $75 million of cash. Capital expenditures have exceeded depreciation and amortization by $89 million over five years. We believe a large portion of this money has been spent on new store openings and information technology systems, which should not be recurring. We believe capital expenditures should be less than depreciation and amortization. The Company still has $225 million of cash and investments. The stability of its cash generation and the initiatives detailed above should put the Company in a strong position to execute substantial additional share repurchases on an accelerated basis. We believe these share repurchases would be highly accretive and would help the Company to achieve our target of more than doubling its earnings per share.",
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      "text": "Our Vision: Improve Capital Allocation",
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