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PLAID HOLDINGS TO ACQUIRE PALM BEACH COMPANY

 PLAID HOLDINGS TO ACQUIRE PALM BEACH COMPANY
 NEW YORK, N.Y., April 21 /PRNewswire/ -- Plaid Holdings Corp. today


announced that it has signed a letter of intent with Crystal Brands, Inc. to acquire Crystal's Palm Beach and Calvin's men's and boys' tailored clothing businesses.
 The transaction is subject to the necessary approvals and the negotiation of definitive agreements, and is anticipated to close in late June.
 Palm Beach, based in Cincinnati, Ohio, is a 60-year-old manufacturer of men's tailored clothing under the brand names Palm Beach, Haspel and Brannoch, among others, and is also the licensee for John Weitz for men. Calvin manufactures boys' tailored clothing under the Palm beach name, and is the licensee for Polo by Ralph Lauren, and Pierre Cardin. Plaid will become the licensee for Evan-Picone and Gant in both men's and boys' tailored clothing. Facilities are located in Alabama, Georgia, Kentucky, Massachusetts, Ohio and Tennessee, and combined annual sales volume exceeds $175 million.
 Plaid Holdings is the parent of 103-year-old J. Schoeneman, Inc. of Owings Mills, Md., which manufactures men's tailored clothing under the Burberrys, Christian Dior, Bill Robinson and Halston brands, in addition to its speciality in custom label manufacturing. Its annual volume currently exceeds $130 million.
 William B. Anneken, president of Plaid Holdings, said, "All of us at Plaid and Schoeneman look forward to the addition of Palm Beach and Calvin. The combination will add to our critical mass in tailored clothing, and will broaden and add balance to our operations. We are delighted to gain companies of their stature and reputation."
 -0- 4/21/92
 /CONTACT: William B. Anneken of Plaid Holdings, 212-827-3696, or Jerry Seeman of Burson-Marsteller, 212-614-5135, for Plaid Holdings/ CO: Plaid Holdings Corp.; Crystal Brands, Inc. ST: New York, Maryland, Ohio IN: TEX SU: TNM


PS-SM -- NY113 -- 0967 04/21/92 18:52 EDT
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Publication:PR Newswire
Date:Apr 21, 1992
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