Oxford completes sale of Ben Sherman business

21 Jul '15

1 min read

Apparel company Oxford Industries, Inc. has announced that it has completed the sale of 100 per cent of the equity interests of its Ben Sherman business, for a purchase price of £40.8 million ($63.7 million), to Ben Sherman UK Acquisition Limited and Ben Sherman US Acquisition, LLC, both of which are backed by Marquee Brands LLC, Oxford said in a press statement.

Thomas C. Chubb III, Oxford's chairman and CEO, said, "We truly appreciate the efforts of our Ben Sherman associates. Their dedication and enthusiasm for this iconic brand was clearly communicated to potential buyers, and was a critical component of this successful sales process. It has been a pleasure working with Marquee Brands to quickly culminate this transaction, which we believe will benefit both companies. Looking forward, with the strength of our Tommy Bahama and Lilly Pulitzer brands, Oxford is well-positioned to continue to generate long-term value for our shareholders."

Oxford said it expects to receive net cash proceeds, after transaction fees and expenses, of approximately $58 million and also expects to incur a one-time, non-cash loss on sale of discontinued operations. (SH)

Fibre2Fashion News Desk – India

More Apparel/Garments News - United States Of America...