Proxy advisory firm backs Tandy Brands' board nominees

By Lisa Kerner

Charlotte, N.C., Oct. 16 - Tandy Brands Accessories, Inc. said that Glass Lewis & Co. recommended that stockholders vote to re-elect the board of directors' two nominees at the annual meeting on Oct. 30.

The proxy advisory firm recommended shareholders reject the nominees put forth by dissident stockholder NSL Capital Management LLC, according to a schedule 14A filed with the Securities and Exchange Commission.

According to Tandy Brands, Glass Lewis said "In our opinion, the board is making the tough decisions that will provide Tandy the opportunity to complete a turn-around of the business (headcount reductions, sales of non-core assets, and lowering operating expenses)."

Glass Lewis said it believes "the dissident nominees lack the necessary industry experience that might prove valuable to the board and its plan for the company lacks substantive details when compared to management's current plan," the filing noted.

It was previously reported that NSL Capital is nominating its affiliates Nick Levis and Evan Kagan to Tandy's board.

NSL beneficially owns 370,700 shares, or 5.27%, of the Arlington, Texas, fashion accessories company, a prior SEC filing said.

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