Children’s Place Allows Former CEO’s Acquisition Talks
San Francisco The board of Children’s Place Retail Stores Inc. has approved a request from the company’s former CEO Ezra Dabah to work on a proposal to acquire Children’s Place with a private equity firm, according to the Associated Press.
Dabah had asked the board’s permission to bypass shareholder acquisition laws that could otherwise preclude Golden Gate Private Equity Inc.’s participation in an offer.
Dabah said in February he wanted to buy the Children’s Place for about $578 million.
Children’s Place said in a statement Friday it granted the request so it could evaluate all of its strategic options.
“There is no assurance that any such proposal will be made or, if made, would lead to an agreement with the company providing for a sale of the company,” it said in the statement.
Dabah was forced out in September after a company probe found he had violated internal policies for securities trades, the report said.
Bloomingdale’s to shift direct-to-consumer focus online
NEW YORK Bloomingdale’s is shifting the focus of its direct-to-consumer business to its stronger performing bloomingdales.com Web site, where sales growth has far outpaced he Bloomingdale’s By Mail catalog in recent years. As such, the company said it will discontinue its By Mail catalog by 2009.
“Bloomingdale’s is focused on growing its online business, increasing profitability and reflecting a seamless brand and merchandise selection, whether it be in-store or online,” commented Michael Gould, Bloomingdale’s chairman and ceo.”
Tuesday Morning names new director to board
DALLAS Tuesday Morning announced the appointment of Starlette Johnson to its board of directors.
Johnson is currently president, coo, and director of Dave and Busters and has served in that capacity since April 2007.
“We are pleased to welcome Starlette to the Tuesday Morning board of directors,” said Bruce Quinnell, chairman of the board. “We believe her extensive experience will make her a valuable addition to the board and an asset to the company.”