Ackman Has Our Support, Ullman and Chairman Must Go
Read Ackman's 2nd letter, it will absolutely blow you away as to what is going on in and around Plano. Now we know that some of the decisions of late being made have been by Mr. Ullman. Cutting access to financial info to our biggest partner. Hiring a cheese head to our top marketing position. Terminating board advisors without the boards notice.
It is time for Mike Ullman to step down. Under his leadership 2004-2011 our company loss ground and allowed an upstart beat us at our own game. He has cheapened us. No one had confidence in him. The financial community upon his rehire sent the stock downward. There is no future doing business , running coupons one right after another and expecting to make a profit. We're not built like Kohl's. The vast majority of our stores are in malls with a higher cost structure that off mall Kohl stores. We can't compete.
Ullman get out and let us figure out how to do business another way.
I hate to tell you but you can kiss your pension bye bye. The real estate is worth a fraction of book value, the inventory will be bought for pennies on the dollar by a Marshals or Burlington, and the creditors will get every cent left over.
But I hope you feel better knowing the ED got hers and that RJ had a nice parachute, especially considering how he destroyed this company.
The stores look like a cross between Ikea and BBB, except that everything was overpriced.