Li & Fung group firm buys into Oxford Apparel
Oxford Industries Inc announced that on January 3, 2011 it consummated its previously announced sale of substantially all of Oxford Apparel, one of its operating groups, to LF USA, a subsidiary of Li & Fung Limited.
The net cash proceeds are expected to be in excess of $95 million after the collection of retained accounts receivable, the sale of in-transit inventory to LF USA and the payment of retained liabilities, transaction expenses and income taxes.
The Company's Oxford Golf business and a distribution center in Lyons, GA, which were part of Oxford Apparel, were not included in the transaction and will continue to be operated by the Company.
Oxford Industries Inc is an international apparel design, sourcing and marketing company featuring a diverse portfolio of owned and licensed brands and a collection of private label apparel businesses.
The net cash proceeds are expected to be in excess of $95 million after the collection of retained accounts receivable, the sale of in-transit inventory to LF USA and the payment of retained liabilities, transaction expenses and income taxes.
The Company's Oxford Golf business and a distribution center in Lyons, GA, which were part of Oxford Apparel, were not included in the transaction and will continue to be operated by the Company.
Oxford Industries Inc is an international apparel design, sourcing and marketing company featuring a diverse portfolio of owned and licensed brands and a collection of private label apparel businesses.
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