Casual Male has filed a motion in the US Bankruptcy Court for the Southern District of New York seeking approval of the sale at a hearing scheduled for May 7. Designs INC. beat out Boston- and New York-based Charlesbank Capital Partners LLC, which had bid $137 million for the company.
Seymour Holtzman, chairman of Designs, says, "Our winning bid will be financed with a combination of new equity capital, senior subordinated notes and a senior secured revolving credit arrangement with the Company's bank, Fleet Retail Finance." He adds that Design's management and board members are investing over $700,000 and he is investing approximately five million dollars of his own capital.
Casual Male Corp., a leading specialty retailer of fashion, casual and dress apparel for big and tall men has 476 stores in 44 states with eleven stores in this state.
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