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Levi announces asset purchase agreement with Anchor Blue
May '09
Levi Strauss & Co. (LS&CO.) announced it has entered into an Asset Purchase Agreement to acquire the operating rights to 73 Levi's and Dockers Outlet by MOST stores that are licensed to Anchor Blue Retail Group, Inc.

The transaction involves Levi's and Dockers Outlet by MOST stores operated by Anchor Blue Retail Group, Inc., including inventory, fixtures and equipment associated with the stores.

“This proposed acquisition is a natural next step in our long-term growth strategy,” said Robert Hanson, president of Levi Strauss Americas. “The outlet channel is poised for continued growth over the near- and long-term. We believe that this transaction will strengthen our ability to manage our brands' positioning effectively in the outlet channel, will provide a profitable growth opportunity for LS&CO., and will ensure that we can continue to provide outlet shoppers with the great value and world-class quality they expect from Levi's and Dockers products.”

Concurrent with this announcement, Anchor Blue Retail Group, Inc. and its subsidiaries have filed a voluntary petition under Chapter 11 of the U.S. Bankruptcy Code in the Bankruptcy Court for the District of Delaware (the “Bankruptcy Court”) to enter a 363 sale process to facilitate a restructuring and to seek Bankruptcy Court approval for the sale of the Levi's and Dockers stores to Levi Strauss & Co.

Completion of the transaction is subject to a number of closing conditions, including the approval of the Bankruptcy Court. Subject to such conditions, the transaction is expected to close in July. Anchor Blue Retail Group has indicated its Levi's and Dockers Outlet stores will remain open for business without interruption during the period prior to closing the proposed acquisition.

Levi Strauss & Co.

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