Sale-Leaseback Financing

Overview

2

Transaction Summary

Spirit

Finance

has

acquired

Casual

Male’s

~755,992

square

foot

corporate

headquarters

and

distribution

center

in

Canton, MA for $57MM.

Net proceeds from the sale transaction approximate $56 million, after transaction costs of approximately $1

million.

Casual

Male’s

gain

from

sale

of

its

property

to

Spirit

Finance

produced

a

capital

gain

of

approximately

$28

million.

Casual Male has mitigated any capital gains tax liability associated with the transaction by offsetting them with a

portion

of

its

tax

loss

carry-forwards,

leaving

over

$70

million

in

tax

loss

carry

forwards

for

future

use.

Casual

Male

has

entered

into

a

20-year

lease

with

Spirit

Finance,

with

6,

5-year

renewal

options.

Casual

Male’s

initial rent in years 1-5 of the lease will be $4.56 million.

Casual Male will continue to operate and manage the property in the same manner as prior to the sale.

Spirit Finance

Casual Male

$4.56MM rent

$57.0MM

proceeds

Headquarters/DC

(Canton, MA)

Casual Male

continues to

operate / manage

the property

Sale of

Property

Long-term

Lease

2

Spirit Finance

Casual Male

$4.56MM rent

$57.0MM

proceeds

Headquarters/DC

(Canton, MA)

Casual Male

continues to

operate / manage

the property

Sale of

Property

Long-term

Lease

Exhibit 99.2

Sale-Leaseback Financing

Use of Proceeds / Financial Statement Impact

2

Transaction Summary

Use of Proceeds

Will use the net proceeds of ~$56 million primarily for debt reduction and to buffer its cash position

Payoff of existing mortgage, including early retirement penalty of $1 million

$10.0

Reduction in bank debt (revolver and Rochester Big & Tall acquisition financing)

27.0

Partial buyback of convertible note securities

5.0

Cash increase

14.0

$56.0

Earnings Impact

Transaction will be accretive in 2006 by approximately $0.02, after tax, per share as a result of:

Reduced interest expense

$3.6

Annual rent payments

(4.6)

Elimination of depreciation expense associated with the property

(non-cash)

0.8

Annual amortization of GAAP gain on building reducing annual lease expense (non cash)

1.5

$1.3

Balance Sheet Impact

Sale transaction will reduce debt from approximately $140 million prior to the transaction to approximately

$100 million, excluding cash balances of approximately $20 million

Borrowing capacity under CMRG’s

$90 million revolver facility fully available

Cash Flow Impact

CMRG’s

operating cash flow will be reduced by approximately $1.0 million

CMRG’s

free

cash

flow

to

be

used

for

further

debt

reductions

or

growth

activities