Perry Ellis shareholders are not very happy with the Feldenkreis family, which owns 25% of the company, according to the New York Post. George Feldenkreis, the 79 year old chairman and CEO has been seen as dismissive of shareholders’ concerns, including questions as to why a valuable license for Perry Ellis’ underwear is held by Isaco. It turns out Isaco is run by Isaac Zelcer, who is the father-in-law of George’s son Oscar, and George Feldenkreis is not ashamed to admit the bias, “I’ll never take that away from him. He’s family.”
There has been pressure on the Feldenkreis family to sell the company, mainly from Legion Partners, which, along with the California State Teachers Retirement System, has a 6.3% stake in the company. The company’s stock, which trades at around $25, has been given offers of up to $30.
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This sounds like a fantastic premium for the Feldenkreis family, but it seems they benefit too much from milking the Perry Ellis cow to consider selling too quickly. The family owns 25% of Perry Ellis, and the company had to pay up for a $602, 000 lease on a Miami property owned by Feldenkreis, $1.5 million for a corporate jet, and generous bonuses which the father and son team rewarded themselves.
