Casual Corner Stores to Be Sold to Liquidator
From Dow Jones/Associated Press
The owner of Casual Corner Group Inc. said it would sell the struggling women’s clothing chain to a liquidator, which in turn may sell a chunk of its stores to a big rival.
Looking to spend more time on its upscale Brooks Brothers chain, privately owned Retail Brand Alliance Inc. plans today to sell Casual Corner’s 550 stores to Gordon Bros. Group, a Boston-based retail liquidator, Retail Brand Alliance President and Chief Executive Claudio Del Vecchio said.
Del Vecchio declined to discuss specific terms of the deal.
Aside from a modest cash payment, the agreement is largely a transfer of leases, Del Vecchio said.
