Casual Male Selling Assets to Charlesbank
In conjunction with their ongoing bankruptcy cases, Casual Male Corp., Canton, MA, and its debtor subsidiaries (Casual Male) Friday announced an agreement to sell Casual Male's men's big and tall apparel retail and direct marketing businesses to an affiliate of Charlesbank Capital Partners LLC.The price was $137 million plus the assumption of specified liabilities. Certain assets, such as accounts receivable, will be retained to enhance recovery to Casual Male's creditors. Casual Male's roughly 3,000 workers will be employed on the same or similar terms as they are now. The agreement, which is subject to review and approval by the U.S. Bankruptcy Court for the Southern District of New York, also contemplates the transfer of 473 retail stores.
"We have closed approximately 130 underperforming or non-strategic stores, renegotiated the economic terms of certain critical contracts and leases and entered into an agreement to sell Work 'n Gear to an independent operator," Alan I. Weinstein, chairman/CEO of Casual Male Corp., said in a statement.
