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Movie Star & Frederick's jointly to tap intimate apparel market

20
Dec '06
Market FOH Holdings Inc, the parent company of Frederick's of Hollywood Inc and Movie Star Inc announced that they have entered into a merger agreement.

To the extent that Movie Star's shareholders do not purchase their pro rata percentage of Movie Star common stock in the rights offering, TTG Apparel, LLC and its affiliates, including Tokarz Investments, LLC, and funds affiliated with Fursa Alternative Strategies LLC (formerly known as Mellon HBV Alternative Strategies LLC) have agreed to purchase, on an equal basis, any such shortfall.

TTG Apparel, LLC currently owns 22.4% of Movie Star's outstanding common stock and is Movie Star's largest shareholder.

Frederick's new store designs and talented personnel are expected to drive top line growth, while Movie Star's well-developed sourcing capabilities are expected to help increase gross margins and improve operational efficiencies.

With its strong balance sheet, the combined company will embark on an accelerated growth plan, including the opening of approximately 50 new Frederick's of Hollywood store locations within the next 36 months, and will continue to expand and enhance Frederick's successful online and catalog businesses.

Frederick's will continue to operate from its executive offices in Hollywood, CA with a distribution center in Phoenix, AZ and Movie Star will continue to operate from its executive offices in New York City with a distribution center in Poplarville, MS. Both companies will retain their seasoned leadership teams, with Linda LoRe, CEO of Frederick's, and Melvyn Knigin, CEO of Movie Star, continuing to lead their respective businesses and reporting to the combined company's Board of Directors.


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