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Charlotte Russe Mulling Sale of Company


San Diego Charlotte Russe Holding Inc. said Wednesday that it is considering a possible sale of the company. The company said the board is evaluating all alternatives and has already received interest from third parties.

Charlotte Russe has been in a turnaround effort for roughly a year. In November, it opposed a nearly $200 million takeover offer by KarpReilly and H.I.G. Capital, saying it wanted to stick to its turnaround plan but got some complaints from shareholders over that decision.

Chairman Jennifer Salopek said in a statement Wednesday that the leadership remains confident in its plan but is "evaluating all alternatives to achieve maximum value for Charlotte Russe shareholders."

The company also announced Wednesday that it swung to a quarterly loss of $2.9 million, compared with net income of roughly $14 million in the same quarter of the prior year.

The retailer does not plan to make any further comment on the process until it is complete. It canceled its analyst and investor day event scheduled for next week.

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