Frederick’s of Hollywood in Deal to Go Private

Frederick's of Hollywood gives a complimentary glitter tote with purchases of $75 or more Hollywood—Barely a week after reporting it swung into a wider first quarter loss, struggling Frederick’s of Hollywood Group Inc. said Thursday it agreed to a deal that would take the lingerie retailer private.

Harbinger’s HGI Funding LLC and other shareholders, which combined control 89% percent of the company’s shares, said they will offer the remaining shareholders 27 cents a share— a 50% premium to the company’s closing price on Sept. 27, the last day of trading before the intent to buy the company was made public.

The deal values the entire company at about $10.6 million, based on the 39.3 million shares that it has outstanding.

CEO Thomas Lynch is expected to remain in his post for at least three years after the deal closes, the company reported.

Frederick’s of Hollywood has 112 stores, a catalog and an online business. The company last week reported a $7.7 million first quarter loss with a 12% drop in net sales to $19.7 million.




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Jeff Prine

Jeff Prine, Editor at Large, Accessories Magazine
Jeff returns as a regular contributor to Accessories magazine. Initially Jeff worked as senior editor at Accessories more than 20 years ago and his love of the industry has followed him until present. Since his tenure here, Jeff has continued to report jewelry, watch and other luxury goods trends as executive editor at Modern Jeweler magazine, fashion director at Lustre, and as contributor on products and trends for consumer and trade publications and websites. In addition to his editorial experience, Jeff also served as an adjunct instructor for accessories merchandising at Fashion Institute of Technology.