Valinor Management Llc Boosts Its Stake in dELiA*s, Inc. (DLIA)

In a filing with the Securites and Exchange Commission Valinor Management Llc, run by David Gallo revealed that it has upped its stake in dELiA*s, Inc. (NASDAQ:DLIA) to 24.81 million shares from 6.57 million shares held at the end of the first quarter of 2014. The current stake represents 27.9% of the company’s common stock.

dELiA*s, Inc. (NASDAQ:DLIA)

The filing also revealed that Seth Cohen has been recently nominated by Valinor Management to the board of dELiA*s, Inc. (NASDAQ:DLIA). In addition, Valinor holds the right to nominate another member to the board of the company. The fund will continue to hold the right to nominate two members to the board under the NASDAQ Rule 5640 and will also vote vote all eligible shares of Common Stock or Series B Preferred Stock that it owns for the for the election of the director nominated by Flatbush Watermill LLC.

dELiA*s, Inc. (NASDAQ:DLIA) is a retail company primarily marketing to teenage girls. Last week, dELiA*s received stockholder approval to increase the number of authorized shares of common stock. The company received $24.1 million from the sale of the secured convertible notes that occurred on February 18, 2014 through the conversion of the secured convertible notes into series B convertible preferred stock.

Last month, dELiA*s, Inc. (NASDAQ:DLIA) reported a decrease in its total revenue in the first quarter of 2013 to $25.9 million from $35.2 million. It reported a 21.3% Consolidated gross profit versus 23.8% in the prior year quarter, the decrease being attributed to the deleveraging of occupancy costs. Loss from continuing operations was $11.6 million for the same period, compared to a loss of $9.2 million in the same period prior year.

Recently, Michael Zimmerman, director and a large shareholder of dELiA*s, Inc. (NASDAQ:DLIA) has purchased 100,000 shares of the company and now owns 283,974 shares. At the same time, Prentice Capital Management, led by Michael Zimmerman owns 6.03 million shares of dELiA*s, Inc. (NASDAQ:DLIA) and is the second largest shareholder of the company amongst all the hedge funds tracked by Insider Monkey.

Valinor Management Llc has 6.44% of its equity portfolio invested in FleetCor Technologies, Inc. (NYSE:FLT), comprised of 1.82 million shares. It is followed by Popular Inc (NASDAQ:BPOP) of which the fund owns 4.92 million shares worth $152.49 million.

Disclosure: none

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