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USA : Casual Male acquires Rochester Big and Tall for $15m |
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2004-8-20
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Casual Male Retail Group Inc, retail brand operator of Casual Male Big & Tall, informed that Casual Male has signed an asset purchase agreement, subject to buyer''s due diligence and other normal closing conditions, to acquire privately held Rochester Big and Tall Clothing Inc.
The purchase price is $15 million in cash and the assumption of bank and subordinated debt of approximately $5 million, in addition to the assumption of identified operating liabilities such as accounts payable and accrued liabilities. Assuming satisfaction of all closing conditions, the acquisition is targeted to close by October 31 2004.
Seymour Holtzman, Chairman of Casual Male Retail Group Inc said, "The acquisition of Rochester provides an incredible opportunity to expand our business into the higher end of the big and tall market and increase our market share in this highly fragmented industry. This is another step in our plan to transform Casual Male into a company of global significance."
David Levin, Chief Executive Officer and President of Casual Male said, "We believe the acquisition will be accretive to Casual Male''s 2004 earnings." |
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