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  "documentTitle": "Macellum The Childrens Place Presentation April 2015",
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      "text": "We believe Board change is necessary.",
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      "text": "Our nominees, Robert Mettler and Seth Johnson, are highly qualified and would bring the fresh perspective that we believe is required to improve governance, oversight and performance at The Children's Place.",
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      "text": "Unfortunately, the Company's EBITDA has declined during the tenure of every Board member. In 2014, the Company had $1.76 billion in sales, 1,097 stores in the U.S. and Canada, and $152 million of EBITDA.",
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      "text": "Nonetheless, the Board has approved $50 million of total compensation to CEO Jane Elfers during her tenure.",
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      "text": "The Chairman and the Board of Directors (the “Board”) inherited a strong company with good prospects. In 2009, the Company had $1.64 billion in sales, 947 stores in the U.S. and Canada, and $204 million of EBITDA. Vertically integrated, direct sourced infrastructure positioned the Company to deliver high quality products at a great value to customers. Strong and stable free cash flow generation.",
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      "text": "The stock price of The Children's Place has underperformed the market and its peers, due to what we believe to be poor management as well as inadequate board oversight and governance.",
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      "text": "Source: Company Filings. EBITDA is calculated as reported operating income plus asset impairment charges plus depreciation and amortization less other income.",
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