ShopHQ’s dissident shareholder group lobbed back its response to the No. 3 home shopping network Wednesday, and it was doozy.
The company’s “strategy is old and lacks innovation,” was one of the charges, and the network’s location in Minnesota makes business difficult for merchants and vendors, according to the complainers.
It makes for juicy reading, if you want to take a gander yourself.
For those not in the know, The Clinton Group is trying to oust ShopHQ’s current management, including CEO Keith Stewart, and this battle will come to a head at a March 14 shareholder meeting.
In a filing with the Securities and Exchange Commission Wednesday, The Clinton Group says that ShopHQ’s plan was to increase sales convincing customers to spend more money by improving the merchandise and changing the product mix, and by increasing the number of homes that buy products.
But the dissident group claims that ShopHQ has only modestly changed its product mix and that the number of homes buying goods is flat.
The Clinton Group also hoists Stewart by his own petard by listing a series of quotes from him about how great ShopHQ is doing, when things really haven’t been going so well.