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Investors propose to purchase outstanding shares of Charlotte Russe

13
Nov '08
The Board of Directors of Charlotte Russe today confirmed that it received earlier today a proposal by KarpReilly Capital Partners LP ("KarpReilly") and H.I.G. Capital, LLC to acquire all of the outstanding shares of the Company at a valuation range of between $9.00 and $9.50 per share.

Consistent with its fiduciary duties, and in consultation with its independent financial and legal advisors, the Company's Board will review and consider KarpReilly and H.I.G Capital's proposal in due course.

Jennifer Salopek, Chairman of Charlotte Russe, said, "We are committed to doing what is in the best interests of shareholders and will evaluate the proposal carefully in light of current economic conditions.

"We would note that a fundamental premise of the KarpReilly proposal, i.e. that Charlotte Russe has no permanent management team, was addressed by this afternoon's announcement of a new management team.

The Board has also been developing a new strategic plan to address current issues at the Company and is confident that the new management team would be well positioned to reinvigorate growth and profitability."

About Charlotte Russe:
Charlotte Russe Holding, Inc. is a mall-based specialty retailer of fashionable, value-priced apparel and accessories targeting young women in their teens and twenties. As of September 27, 2008, the Company operated 487 stores in 45 states and Puerto Rico. For more information about the Company, please visit http://www.charlotterusse.com.

Charlotte Russe


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