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Article Excerpt
NEW YORK -- In connection with its previously announced intention to explore strategic alternatives for its Lejaby intimate apparel and related swimwear business, The Warnaco Group, Inc. [Nasdaq: WRNC] today announced it has entered into an exclusivity agreement with Palmers Textil AG, a market leader for lingerie and intimate apparel products in Austria and Germany. Pursuant to the agreement, Warnaco has granted Palmers and its shareholders the exclusive right to conduct negotiations related to the sale of the Lejaby business. Negotiations of definitive documentation are proceeding; however, there can be no assurance that an agreement can be reached or that definitive documentation will be executed.
Should the transaction proceed, Palmers has informed Warnaco that it currently intends to continue to operate Lejaby out of its headquarters in Lyon, France.
ABOUT WARNACO
The Warnaco Group, Inc., headquartered in New York, is a leading apparel company engaged in the business of designing, sourcing, marketing and selling intimate apparel,...
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