Home / Knowledge / News / Apparel/Garments / Hampshire Group to sell Rio Garment business
Hampshire Group to sell Rio Garment business
04
May '15
Hampshire Group, Limited has entered into a definitive agreement to sell the stock of Rio Garment S.A. ("Rio") to a group led by current Rio management, including David Gren, the President of Rio, it said in a statement. The deal is expected to improve Hampshire Group’s cash flow which was facing liquidity problems.

The purchase price of the equity is $6 million plus Hampshire Group will receive the existing accounts receivable and certain other assets of Rio totaling approximately $5 million.

Rio is a Honduras-based apparel manufacturer, designing, sourcing and manufacturing knit tops for men, women and children, which are sold to retailers and distributors, primarily in the US.

“The beginning of 2015 has been a very difficult time at Hampshire with significant delays caused by the west coast port strike and events that led to a change in our CFO, which has adversely affected the company’s liquidity. Our opportunistic sale of the Rio Garment business will provide significant liquidity to our operations, while materially reducing the working capital requirements of the overall company,” Paul Buxbaum, Chief Executive Officer of Hampshire Group said. (SH)

Fibre2fashion News Desk - India

Must ReadView All

Apparel/Garments | On 22nd Feb 2017

Amazon UK to create 5,000 full time jobs this year

Amazon UK said it will create more than 5,000 full time jobs this...

Textiles | On 22nd Feb 2017

Telangana CM seeks better life for handloom weavers

Chief minister of Telangana, K Chandrashekhar Rao assured handloom...

Textiles | On 21st Feb 2017

Net profit at Indorama Ventures zooms 145% in 2016

Net profit at Thailand headquartered and Aloke Lohia led Indorama...

Interviews View All

Jim Desai
Blaiva Fabricaa

Fashion industry likely to remain labour-intensive in coming years

Manfred Mentges
Sedo Treepoint GmbH

We see a higher demand in colour management systems, as customers see big...

Dinaz Madhukar
DLF Emporio and DLF Promenade

‘Each event and promotion is planned out keeping in mind the business of...

Mark Paterson
Technical Absorbents Ltd

Mark Paterson, R&D manager of Technical Absorbents Ltd talks about Super...

Eric Scholler
Groz-Beckert

The Indian market has huge potential in technical textiles, and by far,...

Silke Brand-Kirsch
Schlegel und Partner

Silke Brand-Kirsch, executive partner of Schlegel und Partner, a leading...

Madhu Jain
Madhu Jain

She grew up in the walled city of Old Delhi, completed her studies, and...

Ritu Kumar
Label Ritu Kumar

‘Classics will return’ "There are a lot of people wearing western clothes ...

Judy Frater
Somaiya Kala Vidya

Among the many honours showered on Frater, including Fulbright and Ford...

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
February 2017

February 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