Charlotte Russe Mulling Sale of Company
San Diego Charlotte Russe Holding Inc. said Wednesday that it is considering a possible sale of the company. The company said the board is evaluating all alternatives and has already received interest from third parties.
Charlotte Russe has been in a turnaround effort for roughly a year. In November, it opposed a nearly $200 million takeover offer by KarpReilly and H.I.G. Capital, saying it wanted to stick to its turnaround plan but got some complaints from shareholders over that decision.
Chairman Jennifer Salopek said in a statement Wednesday that the leadership remains confident in its plan but is “evaluating all alternatives to achieve maximum value for Charlotte Russe shareholders.”
The company also announced Wednesday that it swung to a quarterly loss of $2.9 million, compared with net income of roughly $14 million in the same quarter of the prior year.
The retailer does not plan to make any further comment on the process until it is complete. It canceled its analyst and investor day event scheduled for next week.
JEWEL-OSCO, Coca-Cola partner for Black History Month
ITASCA, Ill. JEWEL-OSCO is partnering with Coca-Cola to honor Black History Month with special in-store promotions, beginning Thursday, February 5, through Sunday, March 1. The offers at select JEWEL-OSCO stores in the Chicagoland area are part of “A Taste of Black History.”
During the month-long celebration, consumers will be able to enjoy and familiarize themselves with more than 25 JEWEL-OSCO African-American vendors, by sampling dishes prepared with their products. Consumers will also have an opportunity to enter the “Cookin’ Combos” Sweepstakes, at participating JEWEL-OSCO stores, and win a year of free groceries worth a total of $5,000.
“We are proud of our African-American vendors,” said JEWEL-OSCO community relations manager La Toya Dixon. “They work tirelessly to provide great products for our customers and this program highlights their achievements. We are glad they are part of the JEWEL-OSCO family and wish them continued success.”
CE sales see slight boost after tough holiday
SAN JOSE, Calif. According to Tech Channel Index, U.S. electronics retailers had their first week of marked improvement finishing week of Jan. 3 just 2% below last year’s sales of consumer IT and entertainment electronics products. This is a large jump after finishing the holiday shopping season 28% below last year.
Tech Channel reported that broadline and office supply channel sales of consumer IT and entertainment electronics have improved 28% and 4% respectively over the last year. During the same time period, online retail sales channel stayed flat through the holiday shopping season and finished down 4% over last year.