Charlotte Russe Up for Sale, Asks Shareholders To Reject Karp Board Slate
Charlotte Russe Holding Inc. (Nasdaq: CHIC), a women’s apparel retailer, is recommending that its shareholders reject a slate of three board nominees made by Allan Karp of KarpReilly Capital Partners, because it could represent a conflict of interest. KarpReilly currently controls around 8.6% of the company, and has offered to buy out the remainder. In related news, Charlotte Russe announced that it has instructed financial advisor Cowen & Co. to initiate a sale process.
12 March 2009•3 mins read
