Frederick’s of Hollywood Group Inc. will mull over options for its wholesale division, Movie Star. The review is designed to increase shareholder value for the seller of women’s intimate apparel, swimwear and related products. Frederick’s hired New York-based Avalon Group Ltd. to help identify strategic alternatives, which includes the possible sale of the business. Frederick’s said seeking alternatives for Movie Star will allow the company to focus more of its resources on strengthening its retail division and expanding into new product categories through domestic and international licensing deals. No timetable was set for completing a deal involving the Movie Star division.
Tix Corp. is exploring strategic alternatives. The review will consider the sale of the Studio City, Calif.-based company’s live entertainment business segment. This business is made up of Magic Arts & Entertainment and NewSpace Entertainment. Tix hired B. Riley & Co. as a financial adviser to assist with the process. Tix Corp. swung to a second-quarter loss of $1.3 million from net income of $659,000 a year earlier. The latest period includes a charge of $1 million for bad debt. Second-quarter revenue also decreased to $14.8 million from $26.6 million.
Bison Gold Resources Inc. formed a committee to review strategic alternative that might help unlock the value and growth potential of the Canadian company’s assets. The company explores for gold, base metals and rare elements. Its property assets are in Canada. Bison Gold wholly owns five gold properties and one silver/gold property. It has a 27 percent interest in a zinc/silver property through a joint venture. It holds a 12 percent stake in a nickel property through a joint venture. In addition, the company holds a 10 percent option on a gold/silver/copper/zinc property.
Franconia Minerals Corp.’s board formed a special committee to examine a range of strategic options that could maximize shareholder value of the Spokane, Wash.-based company that mines for copper, nickel, platinum and palladium. The review will also seek to advance the development of the company’s Birch Lake Project in northeastern Minnesota. The options under consideration include asset sales, joint ventures, new capital investments and third-party approaches for strategic transactions or other proposals. Franconia Minerals hired Gryphon Partners as its financial adviser and Lawson Lundell LLP as its legal counsel for the process.
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