Perry Ellis Shareholders Urge Company To Explore Strategic Alternatives

(RTTNews) - Legion Partners, LLC, together with California State Teachers' Retirement System or "CalSTRS", released a letter sent to the board of directors of Perry Ellis International, Inc. (PERY) requesting that the board of directors form a special committee to explore strategic alternatives.

Legion Partners and CalSTRS collectively own approximately 6.3% of Perry Ellis' outstanding shares.

Since the letter was sent October 16, 2014, the Board has effectively refused to form a special committee to explore strategic alternatives, prompting Legion Partners and CalSTRS to release the letter publicly.

"We believe there is serious interest in Perry Ellis from strategic buyers, and that the Board has a fiduciary responsibility to objectively evaluate all viable alternatives to maximize value for all shareholders," said Chris Kiper, Managing Director of Legion Partners.

Chris Kiper said, "This evaluation process must consider the risk profile of alternative courses of action from Perry Ellis' current strategy. We are concerned that the status quo, under the leadership and control of the Feldenkreis family, entails a very high risk that Perry Ellis will continue to underperform, causing irreparable value destruction for shareholders."