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|Leading Independent Proxy Advisory Firms ISS and Glass Lewis & Co. Recommend Select Comfort Shareholders Vote “FOR ALL” Of Select Comfort’s Director Nominees|
Select Comfort Urges Shareholders to Support Board That Has Created Significant Shareholder Value By Voting WHITE Proxy Card Today
"Votes FOR the two management nominees are warranted as the dissident has not made a compelling case that change at the board level is necessary at this time."
"...The fact that the company's response enabled it to substantially recover lost ground in 2014, and that its upward performance trend continues unabated, does not suggest a board unable to act with appropriate urgency...But it is also worth noting that the recovery, and the upward trend itself, began long before the contest, and appear to be deeply rooted in the actions the board took in response to 2013. As such, there does not appear to be a compelling case at this time that board change is warranted."
"...we believe many of Blue Clay's salient performance arguments are couched in questionable, and frequently absolute methodologies that fail to provide a contextual picture of [SCSS'] operational position...Less cause to support what appears to be a questionable slate of nominees and a decidedly aggressive expansion/growth strategy promoted, in each case, by a small, short-term investor...Our doubts about the value likely to be realized by [SCSS]investors is redoubled with reference to the core component of the Dissident's plan, which presses for rapid brick-and-mortar growth and a relative reduction in advertising spend at a time when other major retailers have elected to shutter physical stores to reduce costs."
"In short, we do not believe Blue Clay's provides a compelling case to suggest expanding [SCSS'] geographic footprint at a rate substantially faster than the level presently anticipated by [SCSS] management is likely to generate compelling returns for the Company or its shareholders...Thus, taken in full, we believe [SCSS'] more recent shareholder returns, improving margins and current quarterly revenue and earnings per share records justify supporting the incumbent [SCSS] nominees and, by extension, management's more cautious strategic approach."
Commenting on the ISS and
"The unanimous recommendation from ISS and
Ms. Ibach continued, "We urge
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Important Additional Information and Where to Find It
The Company has filed a proxy statement on Schedule 14A and other relevant documents with the
Certain Information Regarding Participants in Solicitation
The Company, its directors, its executive officers and its nominees for election as director may be deemed participants in the solicitation of proxies from shareholders in connection with the matters to be considered at the Company's 2015 Annual Meeting. Information regarding the persons who may, under the rules of the
Statements used in this news release relating to future plans, events, financial results, management or performance are forward-looking statements within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934 and are subject to certain risks and uncertainties including, among others, such factors as current and future general and industry economic trends and consumer confidence; the effectiveness of our marketing messages; the efficiency of our advertising and promotional efforts; our ability to execute our company-controlled distribution strategy; our ability to achieve and maintain acceptable levels of product and service quality, and acceptable product return and warranty claims rates; our ability to continue to improve and expand our product line; consumer acceptance of our products, product quality, innovation and brand image; industry competition, the emergence of additional competitive products, and the adequacy of our intellectual property rights to protect our products and brand from competitive or infringing activities; availability of attractive and cost-effective consumer credit options; pending and unforeseen litigation and the potential for adverse publicity associated with litigation; our "just-in-time" manufacturing processes with minimal levels of inventory, which may leave us vulnerable to shortages in supply; our dependence on significant suppliers and our ability to maintain relationships with key suppliers, including several sole-source suppliers; the vulnerability of key suppliers to recessionary pressures, labor negotiations, liquidity concerns or other factors; rising commodity costs and other inflationary pressures; risks inherent in global sourcing activities; risks of disruption in the operation of either of our two primary manufacturing facilities; increasing government regulations, which have added or will add cost pressures and process changes to ensure compliance; the adequacy of our management information systems to meet the evolving needs of our business and to protect sensitive data from potential cyber threats; the costs, distractions and potential disruptions to our business related to upgrading our management information systems; our ability to attract, retain and motivate qualified management, executive and other key employees, including qualified retail sales professionals and managers; and uncertainties arising from global events, such as terrorist attacks or a pandemic outbreak, or the threat of such events. Additional information concerning these and other risks and uncertainties is contained in the company's filings with the