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Wilsons Leather to change corporate name
09 Jul '08
1 min read
Wilsons The Leather Experts Inc announced the sale of its outlet store and e-commerce assets to AM Retail Group, Inc., a wholly owned subsidiary of G-III Apparel Group Ltd, a New York based apparel company.
Under the terms of the agreement, AM Retail Group Inc purchased all inventory, fixed assets and intellectual property principally related to Wilsons Leather's outlet store and e-commerce divisions.
The leases associated with Wilsons Leather's 116 outlet stores were assigned to AM Retail Group, Inc. AM Retail Group, Inc. acquired the assets for a total purchase price of approximately $22.3 million. The sale is part of Wilsons Leather's previously announced strategy to obtain capital to be used in the launch of its new mall accessories store concept.
In connection with these actions, Wilsons Leather will change its name to PreVu, Incorporated.
Wilsons Leather is a leading specialty retailer of leather outerwear, accessories and apparel in the United States.
Under the terms of the agreement, AM Retail Group Inc purchased all inventory, fixed assets and intellectual property principally related to Wilsons Leather's outlet store and e-commerce divisions.
The leases associated with Wilsons Leather's 116 outlet stores were assigned to AM Retail Group, Inc. AM Retail Group, Inc. acquired the assets for a total purchase price of approximately $22.3 million. The sale is part of Wilsons Leather's previously announced strategy to obtain capital to be used in the launch of its new mall accessories store concept.
In connection with these actions, Wilsons Leather will change its name to PreVu, Incorporated.
Wilsons Leather is a leading specialty retailer of leather outerwear, accessories and apparel in the United States.
Wilsons The Leather Experts Inc
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