After a bitter proxy battle, all four members of Destination Maternity's current board of directors were reelected at the retailer's annual stockholders meeting Thursday at its Moorestown headquarters, according to a statement from the company.
Members of the board are non-executive chairman Barry Erdos, Michael J. Blitzer, Melissa Payner-Gregor, and B. Allen Weinstein. The company is seeking a new CEO.
French children's-clothing retailer Orchestra-Prémaman — which made an offer to acquire Destination Maternity in October 2015, then entered into a later-terminated merger agreement in December 2016 – had sought the resignation of the four directors as part of the proxy battle.
Orchestra owns 1,921,820 shares, or 13.8 percent, of Destination's stock and waged a fight to boost the stock price and unseat the board, although it did not put forth any names as replacements.
Shares in Destination closed Thursday at $2.42 on the Nasdaq, up 0.11 or 4.76 percent.