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It seems that EBSC management is starting to respond to the threat of a stockholder revolt led by D3 Family Fund LP. According to an article in the Dayton Daily News this morning (August 24):
- D3 Family Fund LP claims it now has support of about 50% of EBSC shareholders
- Yesterday EBSC announced it would buy back $24 million of its stock over 2 years (at current price that would be 20% of outstanding shares). This caused a 15% jump to almost $8 per share - double what it was at the low a few weeks ago.
- Promoted a new VP merchandising
- Plan to open more stores (opposed by D3 Family Fund LP, who say expansion won't solve internal weaknesses)
- Plan to push company credit cards harder
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