Private-equity firm Apollo Management has submitted a proposal to buy a stake in struggling jewelry chain Zale Corp., according to The Wall Street Journal.
The Apollo proposal is one of several proposals submitted to Zale since the company hired investment bank Peter J. Solomon Co. on February 9th to advise it on its strategic options.
According to the report, Apollo would insert its own management team as part of the deal, according to the people familiar with the matter. Leading that effort would be former chief executive Robert DiNicola, who was proposed as an executive chairman of the board with operating responsibility. The team would most likely include Pamela Romano, a former president of the Zale division.
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