Charlotte Russe shareholder nominates three for election to board

By Lisa Kerner

Charlotte, N.C., March 17 - Charlotte Russe Holding, Inc. investors led by KarpReilly Capital Partners, LP filed preliminary proxy materials in connection with their nomination of Allan W. Karp, Hezy Shaked and Gabriel Bitton for election to Charlotte Russe's board of directors at the company's 2009 annual meeting.

KarpReilly said it will not be a participant as a potential buyer in the company's recently announced sale process, according to a schedule 13D/A filed with the Securities and Exchange Commission on Tuesday.

Charlotte Russe said last week that it will begin a sale process as part of its review of strategic alternatives.

According to the San Diego-based specialty retailer, it has received preliminary expressions of interest from financial and strategic buyers.

As previously reported in November, Charlotte Russe rejected an offer from KarpReilly to acquire the company for between $9.00 and $9.50 per share.

KarpReilly beneficially owns 1,612,203 shares, or 7.68%, of the company's outstanding stock, the filing said.

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