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Sports Direct Names Four Nominees to Elect to Iconix’s Board

Sports Direct International plc has submitted a slate containing four names for election to the board of directors at Iconix Brand Group Inc.
The U.K.’s largest sports-goods retailer holds a 9 percent stake in Iconix.
In a statement Friday, Sports Direct said that from its vantage point as a long-term Iconix stockholder, it has seen operational and strategic decisions result in “severe value destruction for its investors.” It cited the drop in stock price where shares now trade at under 70 cents, a substantial debt load relative to revenues and the loss of major direct-to-retail licensing agreements. The retailer also said it made attempts to “engage constructively” with the brand management firm, but those efforts “led nowhere.”
As for its nominees, Sports Direct said “three of the four are seasoned executives affiliated with Sports Direct and all four of our nominees are veterans of the retail and brand licensing industries.”
The nominees proposed by the sporting goods retailer who are connected to its affiliates are Ronald McPherson, president and chief executive officer of The Antigua Group, Inc.; Howard Moher, ceo of SDI USA LLC, SDI Stores USA LLC, Mountain Sports LLC and Bobs Stores USA LLC, and Mark Hunter, chief financial officer and acting

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