Kanen Wealth Management/ Philotimo Fund reaches agreement with 1847 Goedeker Inc (GOED)
Market Cap: $260 million | 1847 Goedeker Inc. operates an e-commerce platform for appliances and furniture in the United States.
On June 8, 2021, Kanen Wealth Management/ Philotimo Fund (6.6%) stated its plans to engage in discussions with management and the Board regarding Board representation and the composition of the Board, specifically in regard to founder of CarParts.com(PRTS) Mr. Mehran Nia who's most recent professional success was the turnaround at PRTS whereby the stock increased from approximately $1 to $18 per share. He is considered an expert in Ecommerce. Kanen Wealth Management/ Philotimo Fund remains prepared to engage in a continued constructive dialogue with the Board. Source
On July 1, 2021, Kanen Wealth Management/ Philotimo Fund reduced its stake to 4.9%.
On July 7, 2021, Kanen Wealth Management/ Philotimo Fund increased its stake to 5.5%.
On September 9, 2021, Kanen Wealth Management/ Philotimo Fund (5.5%) nominates five candidates for election to the Board at the 2021 AGM. Source
On September 23, 2021, Cannell Capital stated that it has studied the September 9, 2021 proposal of Kanen Wealth Management, LLC (“KWM”) for the Board of Directors. Cannell Capital considers most of the KWM candidates to be superior to those of GOED. Accordingly, Cannell Capital neither consents, nor approves of GOED allocating any cash (cash which rightfully and legally belongs to Cannell Capital and other shareholders) to defend its position. Cannell Capital calls on GOED to immediately reach a fair and reasonable settlement with KWM. Source
On October 15, 2021, Kanen Wealth Management/ Philotimo Fund (5.8%) entered into a Cooperation Agreement with the company and pursuant to it, the company agreed to appoint two independent directors, Selim Bassoul and Alan Shaw to the Board. The New Directors were selected by the Kanen Group from a list of five candidates provided by the company.
On October 19, 2021, Mr. Kanen sent Chairman Ellery Roberts a note apologizing for comments that appeared in a story published by the St. Louis Post-Dispatch on the day prior. Mr. Kanen noted to Mr. Roberts that he is pleased to have reached an amicable agreement with the company, is supportive of CEO Albert Fouerti and wishes Mr. Roberts and the company much success in the future. Source
On November 16, 2021, Kanen Wealth Management/ Philotimo Fund reduced its stake to 3.3%.
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