Mr. Patel added, "The 'One Girl Who . . ." brand is marketed nationwide through more than 1,000 specialty store accounts and has developed a strong following among its core consumers. The brand complements our other women's businesses which target the 30 year and older woman with high disposable income looking for flattering, yet comfortable fashion.
We see additional future opportunities for product line extensions in bottoms, including denim. We are very pleased that the founders of the business, Bruce Gifford and Dan Jaffe, have agreed to continue in their current responsibilities under five- year employment agreements as president and executive vice president, respectively. This Los Angeles-based operation will operate as an autonomous business operating unit within the Hartmarx Women's Apparel Group," Mr. Patel concluded.
The "One Girl Who . . ." management team will continue to report to Bruce Gifford. Mr. Gifford commented, "We are very excited to become a member of the Hartmarx family of companies which share our values of quality and controlled retail distribution to specialty stores."
The terms of the transaction include a cash payment at closing of $12.4 million, subject to certain post-closing adjustments. This all cash transaction has been financed from internally generated cash flow utilizing the availability under the Hartmarx senior credit facility.
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