Cherokee Inc. Plans Public Stock Offering
Cherokee Inc., a Sunland apparel maker, hopes to raise up to $22 million in a public stock offering.
Last fall, Cherokee scrapped earlier plans to raise about $40 million through a public offering.
Now that the stock market has staged a recovery, Cherokee hopes to use the proceeds from selling 2.5 million common shares--which it expects to cost $7 to $9 each--to buy back some of the company’s notes on the open market, to repay some bank debt and for working capital.
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