Charlotte Russe shares slip after weak 4Q report

Friedman Billings Ramsey analyst Adrienne Tennant said in a client note the buyout offer "appears to represent a good deal to investors" but that management seems to be "initially lukewarm toward the offer and more eager to pursue its own proposed strategic turnaround."

Late Wednesday, the women's apparel retailer said KarpReilly Capital Partners LP and H.I.G. Capital LLC offered to buy the company for between $9 to $9.50 per share.

Charlotte Russe, which is reviewing the offer, also named a new chief executive, chief financial officer and chief merchandising officer.

The San Diego-based company also reported a fiscal fourth-quarter loss of $6.6 million, worse than analysts expected, due to one-time charges and weak same-store sales.

Retailers have been hard hit as consumers cut back spending amid a shaky economy and tightening credit. Women's apparel retailers have been among the most affected.

Shares slid 10 cents, or 1.2 percent, to $8.05 in Thursday trading.