PRESS DIGEST - Wall Street Journal - May 30
May 30 The following are the top stories in the Wall Street Journal. Reuters has not verified these stories and does not vouch for their accuracy.
* Deal has enterprise value of $525 mln
* Deal to close during first quarter of 2013
PARIS Dec 5 French retail group PPR said on Wednesday its Redcats mail order unit had agreed to sell its U.S. plus-size fashion business, OneStopPlus Group, to private equity firms Charlesbank Capital Partners and Webster Capital for an enterprise value of $525 million.
PPR said that the deal, which is expected to close during the first quarter of 2013, marked a further step in the group's transformation into a global luxury, sports and lifestyle retailer.
OneStopPlus Group consists of OneStopPlus.com, Woman Within, Roaman's, Jessica London, fullbeauty, KingSize, BrylaneHome and Bargain Catalog Outlet brands.
Earlier this month, PPR's Redcats unit agreed to sell its U.S. sports and leisure business, Sportsman's Guide Inc, as well as its Golf Warehouse business, to retailer Northern Tool + Equipment for $215 million.
The latest deal follows last month's announcement of plans to spin off PPR's Fnac music and book unit and last year's sale of the Conforama furniture unit.
In 2011, PPR hired Rothschild to sell off its entire Redcats business but found no buyer. Now PPR, the parent company of high-end brands including Gucci, Bottega Veneta and Yves Saint Laurent, is looking to unload the unit in pieces.
PPR, the world's third-largest luxury group behind LVMH and Switzerland's Richemont, has been trying to sell its various retail businesses for several years in order to focus on luxury and sports brands, which have stronger growth prospects.
CARACAS, May 29 The president of Venezuela's opposition-run Congress on Monday accused Wall Street investment bank Goldman Sachs of "aiding and abetting the country's dictatorial regime" following a report that it had bought $2.8 billion in bonds from the cash-strapped country.