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Hampshire completes sale of its subsidiary Rio Garment
19
Sep '15
The US based Hampshire Group has completed the sale of its wholly-owned subsidiary Rio Garment S.A.  “We are pleased to have completed this transaction ahead of the schedule that we set forth in our May 2015 amendment, and we wish the Rio team well,” said Paul Buxbaum, CEO, Hampshire Group, in a press release.

“The sale of this business was an integral part of our plan to solidify our balance sheet. With this accomplished, we are fully focused on reestablishing a growth trajectory for revenue and profitability through the continued development of our core Brands business anchored by our Dockers and James Campbell brands,” he added.

Earlier in April this year, Hampshire announced that it is going to sell its stake for $6 million and certain other assets of Rio amounting to $5 million approximately, as it would provide significant liquidity to its operations, while materially reducing the working capital requirements.

Rio Garment S.A. is a Honduras-based apparel manufacturer that designs, sources, and manufactures knit tops for men, women, and children, sold to retailers and distributors, mainly in the US.

Hampshire Group, along with its wholly-owned subsidiary, Hampshire Brands, Inc. is a provider of fashion apparel across a broad range of product categories, channels of distribution and price points. (HO)

Fibre2Fashion News Desk – India

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