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Goody’s to Consider Competing Offer

BY CSA STAFF

Knoxville, Tenn., Goody’s Family Clothing Inc., which earlier this week agreed to be acquired by an affiliate of Sun Capital Partners Inc., on Wednesday said it received a competing offer from a third party. Goody’s said it anticipates the new offer to lead to a superior proposal, and will begin discussions with the competing acquirer for up to 10 days.

The chain, which did not reveal the name of the third party, said it was offered $8.50 per share, compared with Sun’s offer of $8. GMM Capital LLC and Prentice Capital LLC had previously offered to acquire Goody’s for $8.50 per share during an exclusivity period between Sun and Goody’s. They sent a letter to Goody’s on Tuesday stating they are still interested in the deal.

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Goody’s Family Clothing Announces Buyout

BY CSA STAFF

Knoxville, Tenn., Goody’s Family Clothing has reached a definitive agreement to be acquired by an affiliate of private-investment firm Sun Capital Partners Inc. in a deal worth nearly $273 million. Chairman and CEO Robert M. Goodfriend and his family, who together own 42% of Goody’s shares, previously agreed to the Sun Capital terms. Goodfriend, son of the company’s founder, will leave the chain.

Goody’s operates 368 moderately-priced clothing stores in 20 states in the South and Midwest.

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Strong 4Q for Dress Barn

BY CSA STAFF

Suffern, N.Y., The Dress Barn Inc. posted fiscal fourth-quarter net income of $33.6 million, or $1.08 a share, compared with $13.8 million, or 45 cents a share, in the year-ago period. Net sales for the 13-week period, ended July 30, 2005, increased 48% to $307.1 million compared to the prior year’s level of $208 million. The increase was driven by the inclusion of results from Maurices, which the chain acquired in January 2005, and a same-store sales increase of 6% for the quarter.

Net sales for 52-week period ended July 30 increased 33% to $1 billion compared to $754.9 million reported for the year-ago period. Same-store sales rose 5% for the fiscal year.

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