Sandpoint, Idaho -- Private equity firm Golden Gate Capital has provided Coldwater Creek with a five-year, $65 million senior secured term loan. The retailer also announced the completion of an amendment to its $70 million revolving credit facility with Wells Fargo Capital Finance, which matures on May 16, 2016. “We are pleased to announce this strategic investment and partnership with Golden Gate Capital, which is a strong endorsement of our brand and turnaround strategy, and provides us with further financial flexibility to complete our near term business objectives and accelerate our growth plans,” said Dennis Pence, chairman and CEO
Golden Gate Capital
Topeka, Kan. -- Collective Brands said Thursday that the U.S. Federal Trade Commission has granted early termination of the waiting periods under the Hart-Scott-Rodino Antitrust Improvements Act in connection with Collective’s impending $2 billion acquisition by Wolverine World Wide, Blum Capital Partners and Golden Gate Capital. As announced on May 1, investment firms Blum Capital and Golden Gate will jointly acquire the operations of Payless ShoeSource and Collective Licensing International. Wolverine will acquire Collective Brands' Performance + Lifestyle Group, which includes Sperry Top-Sider, Saucony, Stride Rite and Keds.
Eddie Bauer announced that Michael R. Egeck has been named its President and Chief Executive Officer. Egeck was most recently CEO of Hurley International LLC, a leading marketer of action sports and youth lifestyle apparel, and a division of Nike, Inc. David Chamberlain, Executive Chairman of Eddie Bauer who has served as Interim CEO since February, will remain a member of the companys board of directors.
Looking to sell itself, Talbots opened its books to Sycamore Partners in a move that could lead to the private equity firm raising its original buyout offer, which was snubbed by the women's apparel chain last month. Earlier this month, people familiar with the matter told Reuters that Talbots — which is also looking for a new leader — had started actively soliciting offers and private-equity firm Golden Gate Capital was considering a bid for the company.
Women’s apparel chain Talbots might have no choice but to accept a private equity buyout offer if one materializes later this month as expected. In December, Talbots rejected a $3 per share unsolicited buyout proposal from Sycamore Partners, a New York-based private equity firm, because its executives felt the bid undervalued the company. Facing plummeting sales and a large debt load, however, Talbots needs a savior with deep pockets to revamp its image and help it hold its own against competitors including Ann Taylor, Chico’s and Coldwater Creek. On Jan. 20, several news outlets reported that Talbots started actively
Sycamore Partners has made an unsolicited offer to buy Talbots Inc. for about $212 million, more than three months after first disclosing a stake in the troubled women's apparel retailer.