NEW YORK--(BUSINESS WIRE)--Macellum Advisors GP, LLC and Ancora Holdings Group, LLC (together with their affiliates, the “Investor Group” or “we”), which beneficially own approximately 4.5% of the outstanding common shares of SpartanNash Company (NYSE: SPTN) (“SpartanNash” or the “Company”), today announced they have filed their definitive proxy statement with the U.S. Securities and Exchange Commission and sent a letter to the Company's shareholders. The Investor Group has nominated three highly qualified and independent candidates for election to SpartanNash's Board of Directors (the "Board"). The Investor Group's letter to fellow shareholders can be viewed here.
Jonathan Duskin, Managing Partner of Macellum Capital Management, LLC, and Fredrick D. DiSanto, Chairman and Chief Executive Officer of Ancora Holdings Group, LLC, issued the below statement:
"Our robust analysis and engagement have led us to believe SpartanNash's leadership is wed to a flawed corporate structure and has failed to implement basic operating initiatives while leaving $1 billion of owned real estate sitting idle on the balance sheet, resulting in unjustifiably poor long-term operating and financial results. We contend the blame falls squarely on the SpartanNash Board and its long-tenured members, who have presided over numerous strategic missteps, significant c-suite turnover and the lack of a clear and credible operating strategy.
In our view, SpartanNash is at a critical inflection point following years of operational and share price underperformance, lagging revenue and sales growth, poor capital allocation decisions and a long history of failed acquisitions under the incumbent Board. We believe many credible suitors are interested in acquiring SpartanNash. At a time when major grocery and food distribution players are embarking on their own strategic review processes, SpartanNash should immediately explore all paths to value creation before this round of consolidation ends.
In light of these numerous concerns, we contend shareholder-driven change is urgently needed in the boardroom. We believe a properly refreshed Board, equipped with our highly qualified nominees, can oversee the development of a credible operating plan and objectively weigh it against available strategic alternatives to determine the best avenue toward shareholder value creation. Our slate – which includes Jonathan Duskin, John E. Fleming and Michael J. Lewis – has the right mix of corporate governance experience, finance acumen, grocery and food distribution expertise, strategic planning knowhow and sorely needed ownership perspectives to ensure the Company finally has an effective, transparent plan for delivering enhanced value. We look forward to giving shareholders the opportunity to vote for a better path forward for SpartanNash at this year's Annual Meeting."
Macellum Capital Management is an activist investment firm, with deep expertise in the retail and consumer sectors, founded in 2009 by Jonathan Duskin. Macellum invests in undervalued companies that it believes can appreciate significantly in value as a result of a change in corporate strategy or improvements in operations, capital allocation or corporate governance. Macellum’s investment team, advisors and network of industry experts draw upon their extensive strategic, operating and boardroom experience to assist companies in designing and implementing initiatives to improve long-term shareholder value. Macellum prefers to constructively engage with management to improve its governance and performance for the benefit of all shareholders. However, when management is entrenched, Macellum has run successful proxy contests to effectuate meaningful change. Macellum has run successful election contests to effectuate meaningful change at many companies, including at The Children’s Place Inc., Citi Trends, Inc., Bed Bath and Beyond and Big Lots, Inc. Learn more at www.macellumcapitalmanagement.com.
Founded in 2003, Ancora Holdings Group, LLC offers integrated investment advisory, wealth management and retirement plan services to individuals and institutions across the United States. The firm's comprehensive service offering is complemented by a dedicated team that has the breadth of expertise and operational structure of a global institution, with the responsiveness and flexibility of a boutique firm. For more information about Ancora, please visit https://ancora.net.