Denim maker to terminate buy out deal of Long Rap

11 Oct '06

1 min read

High-end fashion jeans distributor & producer Blue Holdings Inc announced that it has reached a mutual agreement with Long Rap Inc to terminate its proposed agreement to acquire the company and its retail operations, which was previously announced on June 20, 2006.

Both companies have determined that it would be in the best interests of their respective shareholders not to proceed with the acquisition at this time.

Long Rap Inc is Washington, DC based apparel producer.

"While we are disappointed that we were unable to conclude our acquisition of the Up Against the Wall retail stores, we are now able to re-focus our efforts on our wholesale business, while continuing to develop our retail strategy," said Paul Guez, Chairman, Chief Executive Officer and President of Blue Holdings, Inc.

"Blue Holdings is well positioned in the market place, and both management and the Board of Directors remain very committed to preserving and increasing shareholder value."

Blue Holdings Inc

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