Casual Male Retail Group to sell 4.95 mln shares

Casual Male Retail Group to sell 4.95 mln shares at $2.75 each to institutional investors

• On 11:52 am EDT, Wednesday September 2, 2009

CANTON, Mass. (AP) -- Casual Male Retail Group Inc. announced Wednesday plans to sell $13.6 million of common stock to institutional investors.

The 4.95 million shares will be sold for $2.75 each. Net proceeds of about $12.6 million will be used for general corporate purposes, including the repayment of debt, the company said.

The closing of the offering is expected to take place on or about Sept. 3.

Shares of Casual Male Retail slipped 6 cents, or 2 percent, to $2.93.