Casual Corner Sold to Liquidator
New York City, The future of struggling women’s clothing chain Casual Corner was thrown into uncertainty this week, as privately held Retail Brand Alliance said it will sell all 550 of the stores to Gordon Brothers Group, a Boston-based retail liquidator. The move will allow Enfield, Conn.-based Retail Brand Alliance to focus on its Brooks Brothers brand. Claudio Del Vecchio, president and CEO of Retail Brand Alliance, has stated that Casual Corner rival New York & Co. expressed interest in acquiring about half of the Casual Corner locations, and is now negotiating with Gordon Brothers. Terms of the deal are not released. The Casual Corner Group was reportedly put up for sale last year with an asking price between $250 million and $300 million.