Children's Place Resolves Proxy Contest With Macellum, Barington

(RTTNews) - The Children's Place Inc (PLCE), the largest pure-play children's specialty apparel retailer in North America, on Friday reached an agreement with Macellum SPV II L.P. and Barington Companies Equity Partners, L.P. to resolve their proxy contest, under which Children's Place will appoint Macellum and Barington nominee Robert Mettler as a new independent member of its board immediately following the company's 2015 Annual Meeting of Stockholders.

The board also has committed to appoint an additional, mutually agreeable independent director.

Macellum and Barington have agreed to withdraw both of their nominees from consideration at the Annual Meeting and to vote their proxy cards as solicited other than for the two withdrawn nominees. Under the agreement, the company has agreed to reimburse Macellum and Barington for up to $500,000 of out-of-pocket expenses.

The Annual Meeting of Shareholders will occur as previously scheduled, the company said.