Warnaco to sell Lejaby business
New York-based apparel, swimwear and sportswear company The Warnaco Group, Inc. is to sell France-based lingerie business Lejaby to Palmers Textil AG for approximately €32.5 million ($47 million) in cash and €12.5 million ($18 million) in an interest-free note due December 31, 2013. The sale is set to be concluded during the first quarter of 2008.
Group president of intimate apparel and swimwear, Helen McCluskey, stated: "Under Palmer's ownership, Lejaby will continue to be operated from Lyon, providing continuity to its core employees. In the future, we believe that, under Palmer's ownership, Lejaby will benefit from new opportunities.
“We believe Warnaco is now well positioned to focus our efforts on our brands and businesses with the greatest long-term potential for Warnaco and its stakeholders."
Austria-based Palmers Textil sells underwear, hosiery, nightwear, swimwear and leisurewear in almost 500 stores internationally.
