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Perry Ellis Feeling the July Heat from Activist Investors


Apparel conglomerate Perry Ellis is under pressure from activists, including asset manager Legion Partners and public pension fund California State Teachers Retirement System, to conduct a review of strategic alternatives and to separate the position of CEO and chairman. The investors revealed in a 13D filed Thursday with the SEC that it has engaged in talks with the company's board and management concerning Perry Ellis' poor financial and stock performance. The clothing maker has struggled in recent years, along with its competitors, due to the decline of the department store and the mall, as a result of competition from the Internet and fast fashion. The Deal's Richard Collings reports from New York.