San Diego Struggling teen-apparel retailer Charlotte Russe Holding said Thursday it has decided to put itself up for sale, apparently buckling to pressure from shareholders.
The company had been working on its turnaround efforts for about a year, and opposed a nearly $200 million takeover offer by KarpReilly and H.I.G. Capital in November. At the time of the bid, the retailer said it wanted to stick to its turnaround plan but received some complaints from shareholders over that decision.
By January, Charlotte Russe said it was considering a possible sale and was having its board evaluate all of its options.
On Thursday, the retailer said it had received preliminary interest from both financial and strategic buyers that might want to purchase it. The company will continue its turnaround efforts while it awaits possible formal offers.
Charlotte Russe operated 495 stores in 45 states and Puerto Rico as of Dec. 27.