Casual Male Corp. Announces Agreement to Sell Its Assets.Business Editors CANTON, Mass.--(BUSINESS WIRE)--March 22, 2002 In connection with their ongoing cases under Chapter 11 of the U.S. Bankruptcy Code Bankruptcy Code may refer to:
LLC - Logical Link Control . The purchase price for the assets to be sold pursuant to the Agreement is $137.0m plus the assumption of specified liabilities. Certain assets not relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc the ongoing businesses, such as accounts receivable accounts receivable n. the amounts of money due or owed to a business or professional by customers or clients. Generally, accounts receivable refers to the total amount due and is considered in calculating the value of a business or the business' problems in paying , will be retained by the estate to further enhance recovery to Casual Male's creditors. Under the Agreement, Casual Male's approximately 3,000 employees will be employed on the same or substantially similar terms as they are currently employed. The Agreement also contemplates the transfer of 473 retail stores. The Agreement is subject to review and approval of the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. Bankruptcy Court bankruptcy court n. the specialized Federal court in which bankruptcy matters under the Federal Bankruptcy Act are conducted. There are several bankruptcy courts in each state, and each one's territory covers several counties. for the Southern District of New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of . Pursuant to bankruptcy procedures, the consummation of the transactions contemplated by the Agreement is subject to the receipt of higher and better bids at an auction. Casual Male has requested that the Bankruptcy Court approve April 29, 2002 as the date to conduct the auction. The auction date and procedures are subject to bankruptcy court approval. On March 13, 2002, Casual Male announced that it entered into an Asset Purchase Agreement to sell substantially all of the assets of its Work 'n Gear business to Sandy Point Sandy Point may refer to:
Alan I. Weinstein, Chairman and Chief Executive Officer of Casual Male Corp., commented, "This Agreement reflects the final step in the repositioning of Casual Male for a profitable future. Over the last ten months we have worked very hard while in Chapter 11 to focus our business exclusively on its most productive assets. To this end, we have closed approximately 130 under-performing 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. Through the due diligence Research; analysis; your homework. This term has caught on in all industries, because it sounds so "wired." Who would want to do analysis or research when they can do due diligence. See wired. process, we have come to know and respect the Charlesbank organization, and we greatly look forward to the prospect of working with them to grow our leadership position in the men's big and tall apparel market." "Casual Male enjoys a very strong position in the growing big and tall men's apparel market," said Michael R. Eisenson Michael R. Eisenson is Co-Founder, Managing Director and Chief Executive Officer of Charlesbank Capital Partners, LLC, a private investment firm and the investment manager of certain assets of Harvard Management Company, which he joined in 1986. , Managing Director and Chief Executive Officer of Charlesbank Capital Partners. "The company's activities in Chapter 11 have effectively streamlined the business and positioned it to leverage its leadership position and achieve meaningful growth. We look forward to consummating the transaction through the bankruptcy process and to partnering with Casual Male's management team to accomplish its financial and operating goals." Casual Male's financial advisor to this transaction was Robertson Stephens, Inc. and its legal counsel is Cadwalader, Wickersham & Taft. About Casual Male Corp. Casual Male Corp. and its subsidiaries operate businesses engaged in the retail sale of apparel. The Company operates over 470 on-going retail stores offering fashion, casual, dress clothing and footwear to the big and tall man through its Casual Male Premier, Casual Male Big & Tall and Casual Male Outlet businesses. In addition, the Company sells a wide selection of workwear Noun 1. workwear - heavy-duty clothes for manual or physical work apparel, clothes, wearing apparel, dress - clothing in general; "she was refined in her choice of apparel"; "he always bought his clothes at the same store"; "fastidious about his dress" , healthcare apparel and uniforms for industry and service businesses through its Work 'n Gear subsidiary. The Company's businesses offer their merchandise to customers through diverse selling and marketing channels including retail stores, catalog, direct selling Direct selling is the marketing of products or services to consumers through sales tactics including presentations, demonstrations, and phone calls. It is sometimes also considered to be a sale that does not utilize a "middle man" such as a retail outlets, distributors or brokers. workforces and e-commerce websites. About Charlesbank Capital Partners, LLC Charlesbank Capital Partners, LLC is a private investment firm with more than $2 billion of capital committed to acquisition and expansion financing for growing companies and developing real estate assets. The private equity team focuses on middle-market management-led buyouts and growth capital financings, typically investing $20 million to $75 million per transaction. Charlesbank seeks to partner with strong management teams and other value-added investors to build companies with real competitive advantage and excellent prospects for growth. The firm has offices in Boston and New York. |
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