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FOH completes sale of wholesale division to Dolce Vita
29
Oct '10
Frederick's of Hollywood Group Inc announced that it has completed the sale of its wholesale division, Movie Star, to Dolce Vita Intimates, LLC.

"The divestiture of the wholesale division is another major step forward in our strategy to streamline operations and grow our retail business. We are focused on transforming Frederick's of Hollywood into a complete sexy lifestyle brand through domestic and international licensing agreements to support our entrance into new product categories and markets," stated Thomas Lynch, the Company's Chairman and Chief Executive Officer.

"The proceeds from the sale of our wholesale business have further bolstered our cash position. When combined with the significant capital events that took place over the last fiscal year, we are now better positioned to support the ongoing financial requirements of our continuing operations and the implementation of our growth strategy," Mr. Lynch concluded.

Jack Thekkekara, President of Dolce Vita Intimates, said, "The acquisition will further our ability to service existing customers through broadening our product line and sourcing capabilities while enhancing Movie Star's tradition of service."

Frederick's of Hollywood previously announced plans to explore strategic alternatives for its wholesale business in September 2010.

The investment banking firm, Avalon Group, Ltd., advised the Company on the transaction. Dolce Vita was advised by the investment banking firm CoView Capital, Inc.

Frederick's of Hollywood Group Inc

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