Charlotte Russe Receives Takeover Offer
Chicago Charlotte Russe Holding Inc. received a new unsolicited buyout bid from one of its largest shareholders on Wednesday. The company also announced that it replaced some of its top executives.
The cash proposal from KarpReilly Capital Partners LP and H.I.G. Capital LLC offers between $9 and $9.50 per share for the chain. Based on the company’s 20.9 million outstanding shares, the deal is valued at up to $198.6 million. Charlotte Russe said it would review the buyout offer from the firms.
The company also announced that some industry veterans would join Charlotte Russe in top-executive capacities. Former Mervyns president and CEO John D. Goodman will replace Charlotte Russe’s interim CEO Leonard Mogil, who took the post this summer. Mogil will return to his seat on the company’s board.
Former Guess Inc. CFO Frederick Silny will become Charlotte Russe’s new executive VP and CFO. In addition, Emilia Fabricant, the former president and chief merchandising officer of Babystyle, will assume the same roles at Charlotte Russe.
Wal-Mart partners with Army Reserve
BENTONVILLE, Ark. The U.S. Army Reserve and Wal-Mart have signed an agreement that allows both organizations to recruit, train and employ individuals interested in both serving the nation and pursuing a career in the retail industry.
The initiative provides Army Reserve Soldiers opportunities for employment with Wal-Mart after they successfully complete military occupational specialty training (MOS). The Army Reserve and Wal-Mart will work together to recruit, license and offer training reciprocity to qualified Soldier candidates. The agreement commits Wal-Mart to interviewing and considering all qualified, participating Soldiers for employment upon completion of MOS training.
“We are excited and honored to have U.S. Army Reserve Soldiers join our team,” said Lee Scott, president and ceo of Wal-Mart. “Our company has a longstanding commitment to providing employment opportunities in the community. We have also long recognized those who serve in the military, and it is a privilege to assist the troops and their Families with this new initiative.”