Charlotte Russe (San Diego) has put itself up for sale after reviewing its strategic alternatives, a person with knowledge of the matter told The New York Times’ DealBook.
The retailer, which sells clothing for young women, began exploring a potential sale in January and has retained Cowen & Company as its financial adviser. According to The Times, potential bidders include strategic firms and private investors. In November, the company received an offer from investment firms KarpReilly and H.I.G. Capital, which withdrew their bid after it was rejected. KarpReilly recently nominated three candidates for Charlotte Russe’s seven-member board, while potentially still bidding for the company.
Founded in 1975, Charlotte Russe has 6363 employees. The company replaced its management team, including its chief executive, chief financial officer and its president of merchandising, after its profits fell.