Forever 21, Inc. Consummates the Acquisition of the Assets of Gadzooks, Inc.LOS ANGELES -- Forever 21, Inc. (the "Company") announced today that a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of the Company, Gadzooks gad·zooks interj. Used as a mild or ironic oath: "Gadzooks! Is there a panic detector, akin to a smoke detector, that sniffs anxiety in the air?" George F. Will. 21, Inc. ("Gadzooks 21"), has consummated the previously announced acquisition of assets Acquisition of assets A merger or consolidation in which an acquirer purchases the selling firm's assets. from Gadzooks, Inc. (Pink Sheets:GADZQ) ("Gadzooks"). In this transaction, Gadzooks 21 purchased substantially all of Gadzooks' operating assets Operating Assets Another term for working capital. , including its inventory and 150 of Gadzooks' retail stores located in 36 states. The sale of Gadzooks' assets was subject to a competitive auction and the approval of the Bankruptcy Court for the Northern District of Texas. Don Chang, 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. and Founder of Forever 21, said, "We are happy and excited to welcome the Gadzooks brand into the Forever 21 family. We look forward to expanding upon Gadzooks' tradition of offering its style conscious customers quality merchandise at affordable prices by combining it with our own merchandising expertise." About Forever 21 Forever 21, Inc. is a national specialty retailer of apparel and accessories for fashion-oriented women, now operating over 200 retail stores in 28 states. Forever 21, Inc. was founded in Los Angeles, California in 1984 and has grown consistently over the last 21 years achieving sales of $640 million in 2004. About Gadzooks Dallas-based Gadzooks was a specialty retailer of casual clothing, accessories and shoes for 16-22 year-old females, which operated 243 stores in 40 states. |
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