DELIA’S GAINS $10.4 MILLION SELLING ITURF SHARES TO BANK
NEW YORK — Generation Y retailer Delia’s Inc. raised $10.4 million by selling 750,000 shares in ITurf, its Internet subsidiary, to Deutsche Bank in a negotiated transaction.
Deutsche Bank Securities paid $13.875 for each Delia’s share, according to a filing Wednesday with the Securities and Exchange Commission.
Delia’s told the SEC it plans to use the proceeds for general corporate purposes.
Deutsche Bank, which also bought 750,000 ITurf shares from other shareholders, plans to resell all the shares to the public for $14.50 each, according to the filing.
In over-the-counter trading Wednesday, ITurf shares gave up 3/8 to close at 15 3/16 and Delia’s shares gained 7/16 to close at 8 15/16.
Delia’s took ITurf public last April. It owns 60.4 percent of the common stock, which represents 88.6 percent of the voting power.