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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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      "text": "Sales per square foot has fallen from $318 in 2010 to $280 in 2014.\nEBITDA has declined 26% from $204 million in 2010 to $152 million in 2014.\nEBITDA margins have fallen from 12.2% in 2010 to 8.6% in 2014.\nGross margins have fallen from 39.4% in 2010 to 35.3% in 2014.\nInventory turnover has fallen from 4.9x in 2010 to 3.7x in 2014.\nHigh senior management turnover.\nPoor capital allocation decisions, in our view – $399 million of capital expenditures over five years, which includes a store footprint expansion initiative that was later reversed.",
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      "text": "The Board appointed Jane Elfers as CEO in January 2010. Since that time, operating performance has deteriorated and the stock price has significantly trailed peers and the overall market. In fact, Ms. Elfers has overseen:",
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