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Article: Liz Claiborne Acquires Ellen Tracy
- Article from:
- AP Online
- Article date:
- September 30, 2002
CopyrightThis material is published under license from the Associated Press. All inquiries regarding rights should be directed to the Associated Press. (Hide copyright information)
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NEW YORK (AP) _ In a move that will expand its presence in the higher-
end clothing market, apparel giant Liz Claiborne Inc. has purchased
privately held Ellen Tracy Inc. and related companies for $170 million.
Under the deal announced Monday, Claiborne will also assume $10 million
in debt.
Ellen Tracy, which generated sales of $171 million in 2001, sells
clothing under the Ellen Tracy, Linda Allard Ellen Tracy and Company
Ellen Tracy brand names, to specialty stores and department stores.
Its fashions are sold at what the trade refers to as "bridge" prices,
which are below the designer category.
Claiborne expects the transaction will leave its fourth-quarter ...