Newspaper article St Louis Post-Dispatch (MO)

Activist Buys 8 Percent Stake in Build-A-Bear, Wants Share Buyback

Newspaper article St Louis Post-Dispatch (MO)

Activist Buys 8 Percent Stake in Build-A-Bear, Wants Share Buyback

Article excerpt

Investment firms controlled by activist investor J. Carlo Cannell have acquired an 8.2-percent stake in Build-A-Bear, and the investor now wants the Overland-based toy retailer to buy back at least $40 million worth of shares.

Describing the stake as a "long-term investment," Cannell said he supported the efforts, strategy and changes instituted by the "new officers of the Company," according to a Tuesday filing with the Securities and Exchange Commission.

Former American Eagle Outfitters executive Chris Hurt became the retailer's new chief operations officer in April, while Vojin Todorovic became chief financial officer in September 2014. Sharon Price John has been CEO since June 2013.

However, Cannell said he proposed to Build-A-Bear Chairwoman Mary Lou Fiala on Nov. 17 the appointment of Charles M. Gillman, "or other candidates," to the board of directors. …

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