US: Retailer Deb Shops sold to private equity firm
Youth apparel retailer Deb Shops Inc is now a privately held company after its $395m sale to a private equity firm closed yesterday (24 October).
An affiliate of Lee Equity Partners LLC bought Deb Shops for $27.25 per share in a deal that was announced in July.
Veteran retail executive Allen Questrom, a senior adviser at Lee Equity Partners, will serve as non-executive chairman of the company.
Marvin Rounick, president and CEO, and Warren Weiner, the company's executive vice president, have agreed to provide consulting services for the next three years.
Deb Shops operates 347 stores under the names Deb and Tops N' Bottoms. For the year to 31 January the company posted a profit of $21.4m on sales of $324.7m.
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Diane Paccione has joined retailer Deb Shops as its new CEO, moving from Charming Shoppes, where she was president of the company's Bensalem-based retail brands....
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