Lingerie retailer Frederick's of Hollywood is going to be taken private after being purchased by a consortium. The consortium consists of HGI Funding LLC and a group of the company's common and preferred shareholders that own about 88.6% of Frederick's of Hollywood common stock. FOHG Holdings, LLC was formed to complete the transaction. Frederick's of Hollywood shareholders (who were not part of the consortium) will receive .27 cents per share for their stock.
The L.A. Times reports
that the current chief executive Thomas Lynch will retain his position for three more years as part of the deal. The deal was valued at $10.6 million.
A press release about the deal can be found here