CYGNE DESIGNS, INC. ANNOUNCES SALE OF A U.K. SUBSIDIARY AND EXECUTIVE MANAGEMENT CHANGES.NEW YORK--March 28, 1995--(BUSINESS WIRE)--Cygne Designs, Inc. (Nasdaq:CYDS CYDS Centre for Youth Drug Studies (Australia) ) today announced that it had agreed to sell the United Kingdom subsidiary of its Fenn, Wright & Manson Man·son , Sir Patrick 1844-1922. Scottish parasitologist. One of the founders (1899) of the London School of Tropical Medicine, he introduced (1877) the hypothesis that the mosquito is host to the malaria parasite. unit and certain brand name rights in exchange for 600,000 shares of Cygne common stock previously issued. Bernard Ber·nard , Claude 1813-1878. French physiologist noted for his study of the digestive and nervous systems. Manuel, Chairman and Chief Executive Officer, noted that the U.K. subsidiary is involved primarily in the sale of branded merchandise. He stated that the transaction, which should not have a material impact on the Company's sales volume and earnings per share, is consistent with Cygne's focus on its private label business. The U.K. subsidiary is being acquired by a group led by Colin Fenn, who stated that he has been wanting to devote more attention to the branded apparel business and is looking forward to spending more time in the United Kingdom The United Kingdom uses Greenwich Mean Time (UTC) and British Summer Time (UTC+1). The UK used Local Mean Time until railway timetabling gradually established the two standards of Greenwich Mean Time and Dublin Mean Time (). These were legally adopted in 1880. . In connection with the transaction, Mr. Fenn will be resigning his positions as Director and Vice Chairman of Cygne, and as President of Fenn, Wright & Manson. Mr. Manuel said, "We believe that with Colin's full-time leadership the branded activities in the U.K. have growth potential and wish Colin much success in his future endeavors." Mr. Manuel further noted that Trevor Wright, co-founder of Fenn, Wright and Manson, will remain as a Director of Cygne and expand his design responsibilities within the Cygne group. In a related announcement, Cygne confirmed that it had recently strengthened the Company's management team with the addition of three senior group executives who will each assume bottom line responsibilities for several of the Company's operating divisions. Irving Benson Irving Benson was a standup comic in the Borscht Belt or Vaudeville tradition. He resembled Myron Cohen to some extent. He worked with fellow vaudevillian Milton Berle over the years, and gained a good deal of recognition as a (planted) heckler in Berle's weekly variety , President, said, "We are delighted that Cygne's strong record of growth and its unique strategy continues to afford us the opportunity to attract and retain the highest caliber of talent available in our industry." Cygne Designs, Inc. is a leading private label designer, merchandiser and manufacturer of women's and men's apparel, serving several prominent retailers, including AnnTaylor, The Limited Stores, Express, Lane Bryant Lena Himmelstein Bryant Malsin (1879? - September 26, 1951) was an American clothing designer and retailer who founded the plus-size clothing chain Lane Bryant. Early Life & Career , Victoria's Secret For the Sonata Arctica single, see Victoria's Secret (song) Victoria's Secret is an American retailer of high quality lingerie and beauty products.[2] Stores, Lerner and Casual Corner. The Company's products include a broad range of woven A woven is a cloth formed by weaving. It only stretches in the Bias directions (between the warp and weft directions), unless the threads are elastic. Woven cloth usually frays at the edges, unless measures are taken to counter this, such as the use of pinking shears or hemming. and knit career, casual and intimate women's apparel, as well as men's casual sportswear. CONTACT: Roy E. Green Chief Financial Officer (212) 354-6474 or IR: David Walke, Amy Weisman, Laura Plevyak Press: Stacy Berns Morgen-Walke Associates 212/850-5600 |
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