Eric Rosenfeld’s Crescendo Partners recently amended its position in Charming Shoppes Inc. (CHRS). According to a regulatory filing, Crescendo Partners now has 4.46 million shares in CHRS, giving a 3.8% activist stake ownership. The firm made an in-kind distribution of 1,827,918 shares to a limited partner on December 21, 2011, “in connection with a redemption request”. In the third quarter Crescendo Partners had 5.96 million shares in CHRS. Now the stock is trading at $4.98, and has gained 38% year to date.
Beside Eric Rosenfeld’s Crescendo Partners, several other hedge funds also invested in CHRS. David Keidan’s Buckingham Capital Management initiated a new position in the stock and reported 3.99 million shares at the end of September. Michael Price’s Mfp Investors slightly cut its position by 4% and had 1.77 million shares. Israel Englander’s Catapult Capital Management also built a new position of 1.47 million shares during the third quarter.
Crescendo Partners has a portfolio value of $39 million as of September 30th. The firm invests mostly in Services, Industrial Goods, and Consumer Goods sector. According to the firm’s official website, Crescendo Partners “is a high value consulting, advisory and private equity firm.” The firm serves its clients with Strategy Consulting Services, Mergers, Acquisitions and Capital Raising Support, and Private Equity Investments.
According to Google Finance, Charming Shoppes, Inc. “is a multi-brand, specialty apparel retailer with a market share in women’s plus-size specialty apparel. The company operates in two segments: Retail Stores and Direct-to-Consumer. The Retail Stores segment derives its revenues from sales through retail stores and store-related e-commerce sales under its Lane Bryant (including Lane Bryant Outlet), Fashion bug, and Catherines Plus Sizes brands. The Direct-to-Consumer segment derives its revenues from catalog sales and catalog-related e-commerce sales under its Figi’S title.”