Smart Shirt Business To Be Sold

1 decade 6 months 2 weeks ago Tuesday, November 06 2007 Nov 6, 2007 Tuesday, November 06, 2007 8:54:08 AM CST November 06, 2007 in News
Source: (Copyright 2007 The Associated Press All Rights Reserved.)
ST. LOUIS (AP) - The clothing maker and marketer Kellwood Company plans to sell its Smart Shirts business and related real estate assets in two separate deals generating a combined 161 million dollars. Proceeds will be used to repurchase shares and reduce debt. Youngor Group has agreed to buy Kellwood's Smart Shirts business for about 120 million dollars million in cash. Pending regulatory approval, the deal is expected to be complete by the end of fiscal 2007. Meanwhile, St. Louis based Kellwood sold its Smart Shirts real estate assets in Hong Kong to Bright Treasure Development Limited for about 41 million dollars in cash.

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