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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.