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Children's Place sales, profit down in Q1
Secaucus, N.J. -- The Children's Place Retail Stores said Thursday that net income for the first quarter dropped to $19.3 million, from $28.3 million in the year-ago period.
Revenue declined 3.5% to $423.2 million, compared to $438.5 million last year, and same-store sales fell 5.5%. -
Rue21 to be acquired by Apax Partners in $1.1 billion deal
New York -- Rue21 shareholder Apax Partners will acquire the teen apparel retailer in a deal valued at about $1.1 billion. The private equity firm, which has a 30% stake in rue21, also owns Cole Haan and Takko Fashion as part of its retail portfolio.
Rue21 said it has set up a special committee of independent directors to solicit and evaluate higher bids during a 40-day go-shop period.