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Dillard's Moving From Delaware to Texas, Citing Legal Concerns
Posted on 7/22/25 at 8:52 pm
Posted on 7/22/25 at 8:52 pm
Dillard's Inc., one of the largest department store chains in the United States, has filed documents with the Securities and Exchange Commission (SEC) seeking shareholder approval to relocate its corporate domicile from Delaware to Texas.
The board's decision, disclosed in a recent regulatory filing, marks a significant step in a growing trend of companies abandoning Delaware as their state of incorporation due to increasing concerns over shareholder litigation and court rulings unfavorable to corporate leadership.
Dillard's, which operates about 270 stores in 30 states, employs around 40,000 workers and generates over $7 billion in annual revenue. The company has long been a staple in American retail, offering fashion apparel, cosmetics, and home furnishings.
According to the SEC filing, the company cited "certain high-profile litigation outcomes in Delaware that involved companies with controlling stockholders" as a primary reason for the proposed move.
Among those cases was the widely publicized lawsuit involving Elon Musk's Tesla compensation package, which was voided earlier this year by Delaware Chancellor Kathaleen McCormick despite it being approved twice by Tesla shareholders.
At the same time, the court also awarded $345 million in legal fees to the plaintiff's attorneys, sparking an outcry from corporate leaders and governance experts.
Read rest here:
NewsMax Article LINK
The board's decision, disclosed in a recent regulatory filing, marks a significant step in a growing trend of companies abandoning Delaware as their state of incorporation due to increasing concerns over shareholder litigation and court rulings unfavorable to corporate leadership.
Dillard's, which operates about 270 stores in 30 states, employs around 40,000 workers and generates over $7 billion in annual revenue. The company has long been a staple in American retail, offering fashion apparel, cosmetics, and home furnishings.
According to the SEC filing, the company cited "certain high-profile litigation outcomes in Delaware that involved companies with controlling stockholders" as a primary reason for the proposed move.
Among those cases was the widely publicized lawsuit involving Elon Musk's Tesla compensation package, which was voided earlier this year by Delaware Chancellor Kathaleen McCormick despite it being approved twice by Tesla shareholders.
At the same time, the court also awarded $345 million in legal fees to the plaintiff's attorneys, sparking an outcry from corporate leaders and governance experts.
Read rest here:
NewsMax Article LINK
5
Posted on 7/22/25 at 9:10 pm to OU Guy
Elections continue to have consequences
This post was edited on 7/22/25 at 9:11 pm
Posted on 7/22/25 at 9:16 pm to OU Guy
quote:
Dillard's Moving From Delaware to Texas,
But are they moving to Austinistan?
This post was edited on 7/22/25 at 9:38 pm
Posted on 7/22/25 at 9:41 pm to OU Guy
They’re not moving any where. Delaware was their place of corporate domicile. Now their place of corporate domicile will be Texas. The corporate offices are deeply entrenched in Little Rock Arkansas. Many companies are changing their corporate domicile from Delaware, once friendly to businesses, but now toxic because of the unfavorable ruling Elon Musk received on his bonus payout. Another liberal judge strikes again. Bye bye state revenues.
Posted on 7/22/25 at 10:04 pm to kayjay
Would be nice to hear how much Delaware is going to lose.
Anyone know if Tesla ended up doing this too?
Anyone know if Tesla ended up doing this too?
Posted on 7/22/25 at 11:16 pm to OU Guy
quote:I had no idea. I haven’t seen a Dillard’s since I left Louisiana in the early 90s and assumed they were no longer. Good for them.
Dillard's Inc., one of the largest department store chains in the United States
Posted on 7/22/25 at 11:17 pm to OU Guy
It's going to take a while, but eventually all these companies that employ pinkos now relocating to TX, are going to make TX a legit battleground state.
Posted on 7/22/25 at 11:23 pm to TigerAxeOK
Dillards didn’t have employees there.
Delaware is going to loose money from businesses re incorporating in other states.
In years past it was financially prudent to incorporate in Delaware. Tons of companies do so. I think every credit card company does so.
But single party rule plus lawfare now makes it financially risky.
Delaware is going to loose money from businesses re incorporating in other states.
In years past it was financially prudent to incorporate in Delaware. Tons of companies do so. I think every credit card company does so.
But single party rule plus lawfare now makes it financially risky.
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