US: Children's Place OKs buyout talks with ex-CEO
The Children's Place Retail Stores Inc has agreed to a request from its former CEO Ezra Dabah and Golden Gate Private Equity Inc to put forward a proposal to buy the company.
In a statement on Friday (9 May), the Secaucus, New Jersey based retailer said the proposal is part of a review of "the full range of strategic alternatives available to maximise shareholder value, including the potential sale of the company"
It cautioned: "There is no assurance that any such proposal will be made or, if made, would lead to an agreement with the company providing for a sale of the company."
Ezra Dabah, who was axed as CEO last September for violating The Children's Place's code of conduct on securities trades, in February indicated his interest in making an offer to buy the retailer.
Dabah, who has a 17.9% stake in Children's Place, was said to be thinking of offering $24 a share.
Earlier this month, The Children's Place sold the Disney Store chain in North America back to The Walt Disney Co.
At its annual shareholders' meeting scheduled for 27 June, Sally Frame Kasaks, acting chair of the board and lead director, said the company "will be focusing in particular on the search for a permanent chief executive officer and completing our assessment of the company's strategies for building on recent positive developments."
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The following is a general roundup of US apparel and shoe chains' October 2008 sales results. The list will be updated as new results become available....
The following is a general roundup of US apparel and shoe chains' September 2008 sales results. The list will be updated as new results become available....
The following is a general roundup of US apparel and shoe chains' August 2008 sales results. The list will be updated as new results become available....
The Children's Place Retail Stores staged a recovery in its second quarter, turning last year's US$28.1m loss into break-even this time around....
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