22NW Reaches Agreement with Culp, Inc. for Additional Board Representation and Formation of Strategy Committee

Olshan client 22NW reached an agreement with Culp, Inc. pursuant to which two new directors – Doug Collier and Lynn Heatherton – will be appointed to the company’s board of directors and serve alongside Alexander B. Jones of 22NW who was initially appointed to the board in connection with a prior agreement between 22NW and Culp. Pursuant to the agreement, the company also agreed to form a strategy committee to make recommendations with respect to value creation and growth initiatives, with Messrs. Jones and Collier serving as two of the committee’s four members. Vice Chair of Olshan’s Shareholder Activism Practice Group Ryan Nebel and associates Ian Engoron and Joseph Ferrone represented 22NW in connection with its investment in Culp.