Home / Knowledge / News / Fashion / Kellwood completes sale of Smart Shirts manufacturing Opts
Kellwood completes sale of Smart Shirts manufacturing Opts
Jan '08
Kellwood Company announced that it has completed the sale of its Smart Shirts manufacturing operations and related real estate assets in two separate transactions resulting in gross proceeds of approximately $162 million in cash in the aggregate according to Robert C. Skinner, Jr., chairman, president and chief executive officer.

Kellwood received approximately $121 million in cash at closing from the sale of the Smart Shirts business from Youngor Group Co., Ltd. Separately, the Company sold its Smart Shirts real estate assets in Hong Kong to Bright Treasure Development Ltd. for approximately $41 million in cash.

"This previously announced sale is an important step in the execution of our long-term financial and strategic plans. We significantly reduced our percentage of private label business and eliminated capital-intensive manufacturing from our operations while enhancing our focus on the development of lifestyle brands with the strongest opportunities for sales and earnings growth," stated Skinner.

The proceeds from the transactions will be used to repurchase shares and reduce debt. On January 3, 2008, Kellwood announced that the Board of Directors authorized the Company to enter into an $80 million accelerated share repurchase program.

"The repurchase of our shares is a tremendous investment opportunity and is indicative of the Board's confidence in our ability to execute on our strategic initiatives," added Skinner.

"The useof the proceeds from these transactions will enhance shareholder value and strengthen our balance sheet while maintaining the financial flexibility for future investments in our business."

UBS Investment Bank acted as financial advisor to the Company in connection with the sale of the Smart Shirts business.

Kellwood Company

Must ReadView All

Courtesy: Amazon

Apparel/Garments | On 23rd Sep 2018

Consumers in Turkey get access to Amazon

Amazon has launched in Turkey giving customers in the country...

Value in omni-channel retail with Flipkart buying: Walmart

Apparel/Garments | On 23rd Sep 2018

Value in omni-channel retail with Flipkart buying: Walmart

With the acquisition of Flipkart, Walmart sees great value in...

E-com to result in common SE Asian consumer market: BCG

Textiles | On 23rd Sep 2018

E-com to result in common SE Asian consumer market: BCG

The rapid spread of e-commerce and digital technologies is binding...

Interviews View All

Subhashini Srinivasan, The S Studio

Subhashini Srinivasan
The S Studio

Ethnicwear market will see an upward trend if uniqueness and quality are...

Smarth Bansal, Colorjet India Limited

Smarth Bansal
Colorjet India Limited

We would like to venture more companies into the Indian market

Mukesh Agarwal & Rajesh Agarwal, Madhuram Fincap Pvt Ltd

Mukesh Agarwal & Rajesh Agarwal
Madhuram Fincap Pvt Ltd

Increasing prices and lack of demand main issues facing industry

Harsh Shah,

Harsh Shah

Established in 1956 with a small beginning, Embee today manufactures a...

C Dhandayuthapani,

C Dhandayuthapani

MAG Solvics Private Limited was established in 1991 to design and develop...

Anupam Arya,

Anupam Arya

<div>Jaipur-based Fabriclore Retailing Pvt. Ltd. is attempting to revive...

Pierre Wiertz, EDANA

Pierre Wiertz

Pierre Wiertz talks about the vast world of sustainable nonwovens and...

Marten Alkhagen, Swerea IVF AB

Marten Alkhagen
Swerea IVF AB

Marten Alkhagen, Senior Scientist - Nonwoven and Technical Textiles of...

Silke Brand-Kirsch, Schlegel und Partner GmbH

Silke Brand-Kirsch
Schlegel und Partner GmbH

<div>Schlegel und Partner is the market research and consultancy company...

Vaanee Bhatia, Gritstones Clothing

Vaanee Bhatia
Gritstones Clothing

<div>Delhi-based Gritstones Clothing offers quality and exemplary style...

Cigdem Akin, Cigdem Akin

Cigdem Akin
Cigdem Akin

She has carved a niche for herself as the national brand of Turkey. Her...

Silvia Venturini Fendi, Fendi s.r.l

Silvia Venturini Fendi
Fendi s.r.l

"Yes, my confidence and positive attitude are my strengths and should be...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


Letter To Editor

(Max. 8000 char.)

Search Companies


Leave your Comments

September 2018

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category

Related Categories:

Advanced Search