Casual Male Retail To Sell 4.95 Million Common Shares
September 3, 2009 (FinancialWire) — Casual Male Retail Group, Inc. (NASDAQ: CMRG) (Current Market Cap: $123.38 Mil.) said it has agreed to sell 4.95 million shares of common stock to institutional investors at $2.75 per share for gross proceeds of around $13.6 million.
The company plans to use the net proceeds of around $12.6 million for general corporate purposes, including the repayment of indebtedness. The closing of the offering is scheduled to take place on or about September 3.
Canton, Massachusetts-based Casual Male Retail Group is a retailer of big and tall men’s apparel. The company has operations throughout the United States, Canada and Europe, and operates 467 Casual Male XL retail and outlet stores, 20 Rochester Clothing stores, and direct to consumer businesses, which include several catalogs and e-commerce sites.
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