Home / Knowledge / News / Apparel/Garments / Court rules in favour of Hampshire Group in rent case
Court rules in favour of Hampshire Group in rent case
21
Jun '13
Hampshire Group, Limited , a leading provider of sportswear, announced the results of the litigation related to its existing corporate office space located at 114 West 41st Street, New York, N.Y.

The Company had been sued in the Civil Court of the City of New York by the court appointed Receiver of the property for approximately $7.1 million dollars in past due and unpaid rent.

Hampshire’s position in the litigation was that construction work required as part of its lease was not completed to schedule and as a result, the Company was not obligated to pay full rent during certain past periods.

Following a 22-day trial, the Court ruled on June 10, 2013 that Hampshire Group was entitled to a rent abatement for all but $181,314.53 of the plaintiff’s claim.

The Company has accrued approximately $6.1 million for disputed unpaid rent and is considering the appropriate accounting treatment of this accrual. Additionally, the Court awarded Hampshire Group legal fees and expenses for their defense in this litigation.

A separate hearing is currently scheduled to be held in July 2013 on the amount of the reimbursable legal fees. Hampshire Group was represented by Bryan Cave LLP.

The Receiver maintains the right to appeal the decision. “We are extremely pleased with the outcome of the trial and are glad to have this issue favorably resolved,” said Paul Buxbaum, CEO of Hampshire Group. “Looking ahead, we remain focused on subletting the excess space, while we work to grow the business and make the Company more efficient.”

About Hampshire Group

Hampshire Group, Limited, along with its wholly-owned subsidiaries, Hampshire Brands, Inc. and Rio Garment S.A., is a provider of fashion apparel across a broad range of product categories, channels of distribution and price points.

The Company specializes in designing and marketing men’s sportswear to department stores, chain stores and mass market retailers under licensed brands, our own proprietary brands and the private labels of our customers. The Company operates a Honduras-based apparel manufacturer, designing, sourcing and manufacturing knit tops for men, women and children.

Hampshire Group

Must ReadView All

Textiles | On 24th Jan 2017

Textile industry demands relaxation of laws from Budget

The upcoming Union Budget 2017-18 should focus on relaxing certain...

President Donald Trump; Courtesy: White House

Textiles | On 24th Jan 2017

US sets ball rolling for withdrawal from TPP

President Donald Trump has set the ball rolling for withdrawal of the ...

Textiles | On 24th Jan 2017

Indian cotton consumption estimated at 290 lakh bales: CAI

The domestic consumption of cotton during the crop season 2016-17...

Interviews View All

Veronique Lee
Modavanti

‘Sustainable fashion is trending upwards, slowly but surely, as people...

Jim Desai
Blaiva Fabricaa

Fashion industry likely to remain labour-intensive in coming years

Janak Dhamanwala & Sunil Dhamanwala
Jansun

Moving towards sustainability is also a social change

Marten Alkhagen
Swerea IVF AB

Marten Alkhagen, Senior Scientist - Nonwoven and Technical Textiles of...

Iago Castro Asensio
RCfil Distribuciones S.L.

Iago Castro Asensio, International Business Manager of RCfil...

Paolo Ocleppo
Sandvik Hyperion

Paolo Ocleppo, Rotary Cutting Segment manager, Sandvik Hyperion discusses...

Pranav Mishra
Huemn

Designers Pranav Mishra and Shyma Shetty’s Huemn is known for its...

Mike Hoffman
Gildan Activewear SRL

Gildan Activewear, a manufacturer and marketer of branded clothing and...

Jay Ramrakhiani
Occasions Elegance Wear

It is believed that by early 19th century, Varanasi weavers had moved away ...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH
January 2017

January 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


eNEWS
Insights
Subscribe today and get the latest News update in your mail box.
Advanced Search