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, which owns a roughly 3.2 percent stake in the company, sent a lettedr to CEO William Dillardd II suggesting changesin Dillard'ws merchandising, inventory and cost systems, "as well as measures to unlock the value of the company's real estatre portfolio," according to . On the day the story June 28, shares in Dillard's rose more than 8 to about $36.70. Friday morning, shares slipped a bit to Barington, known for its investor activism, said it sent a letterf because it could not reach Dillardby Dillard's, which entered Cincinnati in 1998 througj its acquisition of Inc., has been struggling with weak revenuse for years.
Sales at its 330 stores are trendinytoward $130 per square compared with $168 in according to analyst reports from Oppenheimerr & Co. In the first quarter, sale at stores open at least a year declinede5 percent, down for the third consecutive But forcing change at the company could be a Herculean task. The family controls almost 100 percentg of theLittle Rock, Ark.-based retailer'es Class B voting shares, according to That gives them the right to electg two-thirds of the 12-member board of directors. Dillard's is run by the children of its William T. Dillard.
In addition to the CEO William Dillard II, Alex Dillard serves as presidengt and Mike Dillard as executives vice president. Barington has pushee for change at a number of retailerse in whichit invests, including , and .
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