Destination XL’s Agreement With Cannell Capital


Paul, Weiss is representing Destination XL Group, Inc. in connection with its agreement with Cannell Capital LLC to appoint Lionel Conacher to Destination XL’s board of directors and to increase the board’s size to ten. At the 2018 annual meeting, the board will nominate and recommend Mr. Conacher for election as a director and revert board size back to nine.

Cannell agreed to withdraw its nominations with respect to the 2018 annual meeting and to vote in favor of certain of the company’s proposals, including the company’s slate of director nominees. Cannell also agreed to be bound by certain standstill provisions. The terms of the agreement, announced on June 12, expire January 29, 2019.

Destination XL Group, Inc. is the largest omni-channel specialty retailer of big & tall men’s apparel with store locations throughout the United States and in London, England and Ontario, Canada. The retailer operates under five brands: DXL, Casual Male XL, Rochester Clothing, ShoesXL and LivingXL.

The Paul, Weiss team includes corporate partners Robert Schumer (Picture) and Ross Fieldston and counsel Frances Mi and David Harris.

Involved fees earner: Robert Schumer – Paul Weiss Rifkind Wharton & Garrison; Ross Fieldston – Paul Weiss Rifkind Wharton & Garrison; Frances Mi – Paul Weiss Rifkind Wharton & Garrison; David Harris – Paul Weiss Rifkind Wharton & Garrison;

Law Firms: Paul Weiss Rifkind Wharton & Garrison;

Clients: Destination XL Group Inc.;

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Author: Ambrogio Visconti