Teen retailer Charlotte Russe just announced it is putting itself up for sale after reviewing its strategic alternatives. Guess that means even cheap, badly made apparel doesn't sell in this economy.
The San Diego, Calif.-based company received “preliminary expressions of interest from both financial and strategic buyers,” but said there is no assurance a transaction will result.
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Back in January, WWD reported Charlotte Russe was considering a sale of the company among other strategic alternatives to increase long-term growth and profitability.
In December shareholder B.
Riley & Co. said it would pursue hostile takeover
measures should the company’s board not respond to letters demanding a
reevaluation of a takeover bid by KarpReilly Capital Partners LP and
H.I.G. Capital Partners LLC.