Printer Friendly

TANDY BRANDS ACCESSORIES, INC. ANNOUNCES DEFINITIVE AGREEMENT TO ACQUIRE DURITE LEATHER GOODS

 ARLINGTON, Texas, April 23 /PRNewswire/ -- Tandy Brands Accessories, Inc. announced today that it has signed a definitive agreement to acquire substantially all the assets of Durite Leather Goods Co. Inc. for a purchase price of $2,000,000 in cash, plus the assumption by the company of substantially all liabilities of Durite. Durite is a manufacturer and marketer of men's and boys' belts, boys' neckwear and other accessories. Durite, for the 12 months ended Dec. 31, 1992, recorded net sales of approximately $7,600,000. It is anticipated that the acquisition, which is subject to certain conditions, will close on or before June 1, 1993.
 The company intends that Durite will continue operations as a division of Tandy Brands Accessories, Inc. and Michael Zaifert will serve as Divisional President of the company's Durite Division. The company will issue 7,929 restricted shares of the company's common stock to Michael Zaifert in connection with his employment by the company. J.S.B. Jenkins, president of Tandy Brands Accessories, Inc., stated, "I am very excited about the proposed acquisition because, among other things, it will expand the company's market share in the mass merchant and discount segments and create new opportunities for expansion in existing product categories."
 Tandy Brands Accessories, Inc. is a manufacturer and marketer of men's, women's and boys' accessories. The company's common stock is traded on the NASDAQ National Market System under the symbol of TBAC.
 -0- 4/23/93
 /CONTACT: J.S.B. Jenkins, president and chief executive officer, of Tandy Brands Accessories, Inc., 817-548-0090/
 (TBAC)


CO: Tandy Brands Accessories, Inc. ST: Texas IN: REA SU: TNM

LR -- NY019 -- 9915 04/23/93 09:17 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Apr 23, 1993
Words:278
Previous Article:MORGAN PRODUCTS LTD. ANNOUNCES PROFITABLE FIRST QUARTER RESULTS
Next Article:INTEGRATED HEALTH SERVICES ANNOUNCES RECORD EARNINGS
Topics:


Related Articles
TANDY BRANDS ACCESSORIES, INC. ANNOUNCES AGREEMENT IN PRINCIPLE TO ACQUIRE DURITE LEATHER GOODS CO., INC.
TANDY BRANDS ACCESSORIES, INC. ANNOUNCES FINAL CLOSING OF ACQUISITION OF ALL ASSETS OF DURITE LEATHER GOODS CO. INC.
TANDY BRANDS ACCESSORIES PURCHASES RIGHTS TO BARRY WELLS TRADENAME
TANDY BRANDS ACCESSORIES, INC. ANNOUNCES PURCHASE OF ASSETS AND OPERATIONS OF ACCOLADE, INC.
TANDY BRANDS ACCESSORIES ANNOUNCES ACQUISITION OF PRINCE GARDNER ASSETS
TANDY BRANDS ACCESSORIES, INC. ANNOUNCES CANADIAN ACQUISITION
TANDYCRAFTS, INC. TO ACQUIRE NOVELTY DIVISION OF TRENCH MANUFACTURING COMPANY
TANDY BRANDS ACCESSORIES, INC. SIGNS AGREEMENT TO ACQUIRE CANTERBURY BELTS, LTD.; ANNOUNCES OTHER ACTIONS TO SHARPEN BUSINESS FOCUS
TANDY BRANDS ACCESSORIES, INC. TO REVIEW PRINCE GARDNER GOODWILL AND OTHER INTANGIBLES
Liz Claiborne: An Agreement in Principle to Purchase Dooney & Burke

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters