USA: dELiA*s And iTurf Complete Merger
dELiA*s (Nasdaq: DLIA) and iTurf (Nasdaq: TURF) today announced that they have completed their merger, forming the leading direct marketer to teens in terms of catalog and e-commerce sales, as well as online community membership. The combined company has been renamed dELiA*s Corp, and the stock will trade on Nasdaq under the ticker symbol "DLIA" beginning December 19. In the interim, the stock will trade under the symbol "DLIAD." The transaction will be accounted for as a purchase by dELiA*s of the minority interest in iTurf held by the public. Stephen Kahn, who served as chairman and CEO of both dELiA*s and iTurf and now serves in the same capacity at the new company, said: "The recombination of dELiA*s and iTurf creates a leading teen-oriented company with a focus on two core businesses - multi-channel retailing under the dELiA*s brand, and iTurf's online media businesses. We believe the merger enhances our focus on these core assets and positions us well for profitable growth in the future." Evan Guillemin will continue in his role as president, where he will oversee the dELiA*s-branded business. Dennis Goldstein, formerly CFO of iTurf, has been named CFO of dELiA*s Corp. Jim Cooper, formerly the CFO of dELiA*s Inc, has left the company to pursue other opportunities.
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