NEW YORK — Shares of The Elder-Beerman Stores Corp. shot up 16.87 percent in trading Friday following the company’s announcement that it had signed an exclusive letter of intent agreement for a possible sale of the department store company.

The retailer did not name the suitor, but said that it had recently received expressions of interest from several parties. It said that the exclusivity arrangement is for a limited time to further explore a possible purchase. Elder-Beerman also said it retained RBC Capital Markets as its adviser. The retailer further cautioned there “can be no assurance that these discussions will result in any transaction.”

To Read the Full Article
SUBSCRIBE NOW

Tap into our Global Network

Of Industry Leaders and Designers

load comments
blog comments powered by Disqus