Men’s cataloger/retailer Casual Male, which has been operating under Chapter 11 bankruptcy protection since May 2001, said on March 22 that it has entered into an agreement to sell its assets to an affiliate of Charlesbank Capital Partners for $137 million plus the assumption of specified liabilities. The sale includes the 473 Casual Male stores and the Casual Male catalogs, as well as its loss-prevention and alarm monitoring and servicing businesses. On March 13, the Canton, MA-based company announced an agreement to sell substantially all of the assets of its Work ‘n Gear catalog/retail business to Sandy Point.
The agreement with Charlesbank Capital is subject to the review and approval of the U.S. Bankruptcy Court for the Southern District of New York. The deal is subject to the receipt of any higher and better bids at an auction. Casual Male has requested that the court approve April 29 as the date for the auction.