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Article Excerpt
NEW YORK -- The Warnaco Group, Inc. (NASDAQ: WRNC) today announced that it has entered into an agreement to sell its Lejaby business to Palmers Textil AG for approximately EU32.5 million (approximately $47 million) in cash and EU12.5 million (approximately $18 million) in an interest free note due December 31, 2013. Terms of the transaction include a customary working capital adjustment and the provision of temporary transition services to Palmers Textil AG. The Company notes that the sale of Lejaby is subject to customary closing conditions and expects the sale to be concluded during the first quarter of fiscal 2008.
Commenting on the transaction, Helen McCluskey, Warnaco's Group President of Intimate Apparel and Swimwear stated, "We would like to thank the Lejaby team for its contributions over the years. Under Palmer's ownership, Lejaby will continue to be operated from Lyon, providing continuity to its core employees. In the future, we believe that, under Palmer's ownership, Lejaby will benefit from new opportunities. Today's announcement completes the strategic realignment we announced in November, including the Company's...
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