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Sandell files proxy to replace Ethan Allen board

2015-10-15 02:18:03| Furniture - Topix.net

A fight between an activist investor and furniture retailer Ethan Allen escalated on Wednesday when the hedge fund said it filed a preliminary proxy statement in a bid to replace board members at the company's shareholder meeting next month. Sandell Asset Management Group , a Manhattan-based hedge fund that owns about 5.5 percent of Ethan Allen stock, said it has ended talks with long-time CEO Farooq Kathwari after failing to persuade him to make changes at the company to boost what it deems as an underperforming share price.

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