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Casual Male Retail Group announced plans to sell 5 million shares of its common stock to institutional investors. The $12.6 million in proceeds will go to pay down debt and other general corporate purposes, the company says.
Men’s clothing chain Casual Male Retail Group has agreed to sell 4.95 million shares of common stock at a purchase price of $2.75 per share to institutional investors for a total of $12.6 million.
“We are very pleased with the results of this offering, which will enable us to reduce debt, enhance liquidity, and create a more flexible balance sheet and capital structure for the company during a very difficult and uncertain economic climate,” says David Levin, president and CEO of Casual Male, No. 268 in the Internet Retailer Top 500 Guide.
The closing of the offering is expected to take place Sept. 3, 2009. The company says it has no plans to sell additional shares.