Loeb’s Third Point Opens Proxy Contest at Bath & Body Works

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For years, it seemed that Bath & Body Works could do no wrong.

The largely mall-based purveyor of soaps and candles was a bright spot in the portfolio of predecessor company L Brands, consistently delivering double-digit sales gains. But less than two years into being a stand-alone company, Bath & Body Works (ticker: BBWI) is facing a proxy battle as shares tumbled over 22% in the past year.