Apparel maker Innovo disposes former Springfield headquarters
13 Feb '06
2 min read
Leading expertise in apparel denim-wear and accessory products Innovo Group Inc announced it is in the final stages of the disposition of its former headquarters located in Springfield, Tennessee.
The Company has closed on two of three sales of the three separate parcels comprising the property, and plans to close the final contract on February 15, 2006.
Marc B Crossman, Interim Chief Executive Officer stated that they are extremely pleased to be able to dispose of this property and its parcels successfully.
Upon closing on the remaining parcel, they expect to pay off their mortgage on the property and receive additional cash proceeds of approximately $300,000.
While this asset is a discontinued operation, they firmly believe that this effort complements their previously announced goals to restructure and improve their operations, and they plan to inform their shareholders of each initiative achieved as they move forward."
Innovo Group Inc, through its operating subsidiaries Innovo Azteca Apparel Inc and Joe's Jeans, is a sales and marketing organization designing and selling apparel products to the retail and premium markets.
The Company currently produces products under license agreements and other agreements for private label and branded products.
The Company's apparel products consist of men's and women's denim and denim-related apparel products, including, women's high-end denim jeans and knit shirts featuring the Joe's Jeans® brand.
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