Charlotte Russe Holding Corp. has rejected the bid submitted last week by KarpReilly Capital Partners and H.I.G. Capital to acquire the specialty retailer and take it private for between $9 and $9.50 a share. In a letter released by the firm, Jennifer Salopek, chairman, wrote to KarpReilly’s Alan Karp and H.I.G.’s Timothy Armstrong that the offer “is definitively not in the best interest of Charlotte Russe’s shareholders,” and that actions taken by the company, including the appointment of new management on Nov. 12, the day the bid was received, had established “the necessary foundation for a new start in 2009.” Salopek continued, “Your opportunistic proposal — coming as it does in the early stages of this board-initiated transformation, and amidst unprecedented general macroeconomic turmoil — attempts to take advantage of current market conditions and would undermine the long-term shareholder value that this board and management team is committed to building. We firmly believe that executing on our plan is the best and right course for our shareholders.”
Issa Rae stopped by WWD's NYC headquarters to talk about season two of "Insecure," which premieres this Sunday on HBO. Click link in bio for all the details. #wwdeye (📷: @jgreenery; Styled by @mayteallende)
A Stella McCartney sketch of a custom dress made from protein-based silk in partnership with biotech lab Bolt Threads. The dress will be displayed at The Museum of Modern Art's upcoming design exhibition, "Items: Is Fashion Modern?"