Wilsons sells outlet stores and changes name
08/07/2008
Wilsons The Leather Experts has announced the sale of its outlet store and e-commerce assets to AM Retail Group, a wholly owned subsidiary of G-III Apparel Group, a New York-based apparel company.
Under the terms of the agreement, AM Retail Group has purchased all inventory, fixed assets and intellectual property related to Wilsons’ outlet store and e-commerce divisions.
The leases associated with Wilsons’ 116 outlet stores were assigned to AM Retail and the group acquired all assets for a total purchase price of $22.3 million.
The sale is part of Wilsons Leather’s previously announced strategy to obtain capital to be used in the launch of its new mall accessories store concept.
In connection with these actions, Wilsons Leather will change its name to PreVu, Incorporated.
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