Style Menswear sold for £1
According to reports, UK-based fashion company Alexon Group has sold its struggling Style Menswear division for just £1. The business has been sold to Hamsard 3032, a firm backed by entrepreneur John Kinnaird on a cash-free, debt-free basis.
The retailer placed £3 million in an escrow account to cover contingent liabilities of the failing division. Although Style Menswear is sold in 55 stores and 60 concessions, it recorded an operating loss of £2.7 million for the year to January 28, 2007, and loss of £2.9 million for the six months to July 28, 2007. It also suffered losses in the second half of 2007.
Alexon now comprises two main sectors: Alexon Brands and Bay Trading, which are both womenswear divisions. Its brands include Ann Harvey, Minuet, Kaliko and Dash.
