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Charlotte Russe Turns Attention to Possible Sale

Charlotte Russe, a nationwide retailer of trendy clothing for young women and teens, said March 12 that it has put itself up for sale.

In the announcement, the San Diego-based chain, traded on Nasdaq as CHIC, said its board of directors made the decision after a review of “strategic alternatives.”

In November, the retailer rejected an offer from investment firms KarpReilly and H.I.G. Capital.

KarpReilly’s offer was for $9 to $9.50 per share, or $188 million to $199 million at the time. Charlotte Russe’s shareholders criticized the company for rebuffing the offer, but the board said the offer wasn’t in the company’s best interest.

In late January, Charlotte Russe reported a first fiscal quarter loss and said it was considering selling the chain, which has 500 stores across the country.

The latest announcement states that Charlotte Russe has received “preliminary expressions of interest” and the sale process will enable the prospective buyers to formalize their offers. But it added that a transaction may not result.

The clothing purveyor’s stock closed trading at $6.57 a share on March 12, up 8 cents from the previous day’s close. During the last 52 weeks of trading, shares sold for a low of $3.98 and a high of $20.34.

, Connie Lewis

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