BRYLANE, L.P. TO ACQUIRE CHADWICK'S OF BOSTON, LTD.NEW YORK--(BUSINESS WIRE)--Oct. 21, 1996--Brylane, L.P. today announced it has reached a definitive agreement to acquire Chadwick's of Boston, Ltd., from The TJX Companies, Inc. Chadwick's of Boston is the nation's largest catalog retailer of off-price women's apparel with sales of approximately $465 million in 1995. Brylane is one of the nation's leading catalog retailers of women's and men's apparel through its Lane Bryant, Roaman's, Lerner, Sue Brett and KingSize catalogs. Brylane, L.P was established in 1993 as a joint venture between Freeman Spogli & Co., management, and The Limited, Inc. and recorded $600 million in sales in 1995. The combined company's sales will exceed $1.1 billion. Brylane will purchase the assets of Chadwick's, excluding certain accounts receivable accounts receivable n. the amounts of money due or owed to a business or professional by customers or clients. Generally, accounts receivable refers to the total amount due and is considered in calculating the value of a business or the business' problems in paying , for approximately $223 million in cash and a $20 million convertible subordinated note. Financing for the transaction will be provided through bank facilities underwritten by J.P. Morgan & Co. and Merrill Lynch Capital Markets. In addition, Freeman Spogli & Co., the majority owner of Brylane, has committed to provide $50 million of equity financing Equity Financing The act of raising money for company activities by selling common or preferred stock to individual or institutional investors. In return for the money paid, shareholders receive ownership interests in the corporation. . "Chadwick's of Boston is a very exciting addition to our present business, which will significantly expand our position in the regular-size apparel catalog market," said Peter Canzone canzone, in literature canzone (käntsô`nā) or canzona (–nä), in literature, Italian term meaning lyric or song. , Chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Brylane. "The company's exceptionally talented management team and quality workforce have made Chadwick's one of the most recognized brand names in women's apparel catalog retailing. Through its consistent merchandising focus and excellent marketing skills, Chadwick's has developed one of the largest customer bases in the catalog industry." Chadwick's and its 2,500 employees will continue to operate from its facilities located in West Bridgewater, Massachusetts West Bridgewater is a town in Plymouth County, Massachusetts, United States. The population was 6,634 at the 2000 census. History West Bridgewater was first settled in 1651 as a part of Olde Bridgewater. . Brylane has fulfillment and telemarketing centers in Indianapolis, Indiana and additional telemarketing centers in Greenwood, Indiana and San Antonio, Texas “San Antonio” redirects here. For other uses, see San Antonio (disambiguation). San Antonio is the second most populous city in Texas, the third most populous metropolitan area in Texas, and is the seventh most populous city in the United States. As of the 2006 U.S. . Brylane's corporate offices are located in New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. . In October 1995, Brylane acquired the KingSize big and tall men's apparel catalog business, which is based in Hingham, Massachusetts. Merrill Lynch & Co. and Lazard Freres & Co. provided advisory services to Brylane in connection with the transaction. CONTACT: Peter Canzone Brylane, L.P. 212/613-9601 |
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