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Avalon to identify appropriate buyers for Movie Star
17
Sep '10
Frederick's of Hollywood Group Inc. announced that it is in the process of identifying strategic alternatives for its wholesale division, Movie Star, in order to increase shareholder value. Investment banking firm, Avalon Group, Ltd., based in New York, will be assisting the Company in identifying available strategic alternatives.

"Movie Star has a long history of supplying many well-known retailers with a wide variety of quality lingerie and undergarments. However, we have chosen to seek alternatives for the Movie Star wholesale business as we concentrate on building Frederick's of Hollywood into a global lifestyle brand. By selling the wholesale division, we can focus more of our resources on strengthening our retail division and expanding into new product categories through strategic domestic and international licensing agreements for the Frederick's of Hollywood brand," stated Thomas Lynch, the Company's Chairman and Chief Executive Officer.

"Considering Movie Star's history, broad product lines and extensive customer list of retailers, we are confident in our ability to identify an appropriate buyer for the business."

The Movie Star wholesale division designs, manufactures, sources, distributes and sells women's intimate apparel to mass merchandisers, specialty and department stores, discount retailers, national and regional chains, and direct mail catalog marketers throughout the United States and Canada. Movie Star products include pajamas, nightgowns, baby dolls, nightshirts, dusters, shifts, caftans, sundresses, rompers, short sets, beachwear, peignoir ensembles, robes, leisurewear and daywear consisting of bodysuits, soft bras, panties, slips, half-slips, teddies, camisoles and cami tap sets.

The Company has not set a definitive timetable for completing a transaction involving the Movie Star wholesale division and there can be no assurances that the process described above will result in the completion of any transaction. The Company does not intend to disclose developments regarding this process unless and until its Board of Directors has approved a specific transaction and the Company has entered into a binding agreement related thereto.

Frederick's of Hollywood Group Inc

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