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Article: Bidermann acquires all of SOMAT. (Bidermann International, Societe des Magasins Armand Thiery) (Brief Article)
- Article from:
- Daily News Record
- Article date:
- February 2, 1993
CopyrightCOPYRIGHT 1993 Conde Nast Publications, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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PARIS -- Bidermann International has acquired complete ownership of a 59-unit French retailer in which it already held 12.4 percent.
Bidermann concluded an agreement with Group Pinault-Printemps, a retail and distribution company, to purchase 87.6 percent of Societe des Magasins Armand Thiery (SOMAT).
Financial terms of the acquisition were not disclosed, but a spokesman for Pinault-Printemps said that the price range of 300 to 350 million francs ($56.1 million-$65.4 million) reported in French press "was reasonable."
SOMAT has 53 wholly owned Armand Thiery stores in France, which sell mainly men's wear. It also owns six Brummel men's wear ...