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Jaclyn completes sale of former office & warehouse facility
22
Jun '11
Jaclyn Inc announced that on June 17, 2011, the Company completed the sale to D.R. Mon Group, Inc. of the Company's former executive office and warehouse facility, plus one additional lot, located in West New York, New Jersey.

The properties were purchased for an aggregate gross purchase price of $4,145,588, of which $1,474,778 (before normal closing costs) was paid in cash at closing, and the remaining amounts were paid by the delivery to the Company at closing of a series of two-year promissory notes.

The maturity date of the promissory notes may be extended for up to two additional years under certain circumstances. The obligations of the proposed purchaser under the agreements are personally guaranteed by Dean R. Mon, and the obligations under the promissory notes are secured by a first priority mortgage on a portion of the properties sold by the Company.

Jaclyn, Inc. is a designer, manufacturer and marketer of apparel, women's sleepwear, infants' and children's apparel, handbags, premium incentives and related accessories.

Jaclyn Inc


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