KarpReilly no longer a Charlotte Russe Holding shareholder

By Lisa Kerner

Charlotte, N.C., April 20 - A group of Charlotte Russe Holding, Inc. shareholders led by KarpReilly LLC sold 1,746,832 shares of the company's stock on April 16 and April 17 priced from $12.15 to $12.75 each, according to a schedule 13D/A filed on Monday with the Securities and Exchange Commission.

KarpReilly no longer has an ownership interest in the San Diego specialty retailer. Allan W. Karp owns 134,874 shares, or less than 1%, of Charlotte Russe's outstanding stock, the filing said.

As previously reported, KarpReilly withdrew its slate of three director nominees for election to Charlotte Russe's board at the annual meeting on April 28.

Proxy advisory firms RiskMetrics Group/ISS and Glass, Lewis & Co. supported the incumbent nominees.

Karp was seeking to replace chairman Jennifer Salopek, president and chief merchant Emilia Fabricant and Len Mogil, former interim chief executive officer and chief financial officer, with himself, Hezy Shaken and Gabriel Bitton.

In November, Charlotte Russe rejected an offer from KarpReilly to acquire the company for between $9.00 and $9.50 per share. The investor said it would not participate as a potential buyer in the sale process the company announced in March.

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