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Abercrombie & Fitch Postpones Special Meeting
Abercrombie & Fitch Co. is certainly putting off signifies shareholders' webinar meeting directed at political election on a program engagement to exchange it is use to Ohio considering too little stockholders support the move.
"We have been unable to obtain a strong consensus in favor of reincorporation at this point. Accordingly, we are postponing the special meeting in order to continue our dialogue with our stockholders regarding this significant corporate governance matter," Senior Vice President and General Counsel Ronald A. Robins Jr. said in a statement.
The meeting was supposed to take place on Monday. Abercrombie & Fitch said its board had been looking at changing its incorporation from to Ohio from Delaware because it felt it was in shareholders' best interests, according to a regulatory filing last week.
The preppy teen clothing company, which is based in New Albany, Ohio,/forum.php?mod=viewthread&tid=206341, went on to address speculation that the reincorporation was being considered to position the company for a potential takeover.
Abercrombie & Fitch said in the Securities & Exchange Commission filing that it spent more than a year and a half reviewing its corporate governance profile and working on the reincorporation proposal,/new/viewthread.php?tid=16914&extra=.
"We put a lot of time, thought and energy into developing the balanced corporate governance structure addressed by the reincorporation proposal,/review.asp?NewsID=1136, and we spent a considerable amount of time engaging with key stockholders on the issues underlying the proposal,abercrombie. We believe that the resulting proposal improves the company's governance profile and benefits all stockholders," the company stated.
Abercrombie & Fitch and additionally mentioned proxy advisory companie Wine glass, Lewis & Co.'s support pertaining to the reincorporation business proposal.
Earlier this year Abercrombie and Fitch reported the reason is economical fourth-quarter profit nearly doubled as business improved in the U.S. and overseas revenue continued to grow. The company, which has expanded internationally to offset slower U.S. growth, also said it would be increasing prices to deal with rising costs, a situation many retailers and consumer product companies are finding themselves in these days.