Printer Friendly

LIZ CLAIBORNE OFFERS TO PURCHASE ASSETS OF RUSS TOGS

 LIZ CLAIBORNE OFFERS TO PURCHASE ASSETS OF RUSS TOGS
 NEW YORK, May 8 /PRNewswire/ -- Samuel M. Miller, senior vice


president-finance of Liz Claiborne, Inc. (NYSE: LIZ), today announced that Liz Claiborne, Inc. has offered, through a newly formed wholly owned subsidiary, to purchase certain of the operating assets of Russ Togs (NYSE: RTS). Russ Togs filed for protection under Chapter 11 of the United States Bankruptcy Code on Nov. 6, 1991 and has been operating under the direction of Alan Cohen, the company's Chapter 11 operating trustee, since Dec. 13, 1991.
 In its offer, the new Claiborne subsidiary has agreed to acquire the trademarks "Crazy Horse", "The Villager", "Red Horse" and "Russ Togs" and certain inventory and other assets. In addition, the subsidiary has agreed to hire certain employees and to assume the leases for certain outlet stores.
 Jerome A. Chazen, chairman of the board of Liz Claiborne, Inc., commented: "We are excited about this opportunity to offer new products under the various Russ Togs trademarks. The purchase gives us the means to enter new channels of distribution as well as expand our distribution to new departments of existing customers".
 The offer is subject to the approval of the Bankruptcy Court for the Southern District of New York.
 -0- 5/8/92
 /CONTACT: Samuel M. Miller, senior vice president-finance of Liz Claiborne, 201-601-8500/
 (LIZ RTS) CO: Liz Claiborne Inc.; Russ Togs ST: New York IN: REA SU: TNM


TS -- NY011 -- 7953 05/08/92 08:51 EDT
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:May 8, 1992
Words:247
Previous Article:DISEASE DETECTION INTERNATIONAL INC. ANNOUNCES FIRST QUARTER 1992 PROFITS AND 1991 YEAR-END LOSS REDUCTION
Next Article:MASCO CORPORATION ANNOUNCES IMPROVED FIRST-QUARTER RESULTS
Topics:


Related Articles
HE-RO GROUP SIGNS AGREEMENT TO PURCHASE CERTAIN ASSETS OF RUSS TOGS
HE-RO GROUP ANNOUNCES THAT A HIGHER BIDDER WAS APPROVED TO BUY RUSS TOGS ASSETS
LIZ CLAIBORNE, INC. REPORTS RESULTS
LIZ CLAIBORNE REPORTS RESULTS
Liz Claiborne: An Agreement in Principle to Purchase Dooney & Burke
Liz Claiborne Announces Additional $100 Million for Stock Repurchases and Regular Quarterly Cash Dividend.
Liz Claiborne Agrees to Acquire Lucky Brand Dungarees Inc.
Liz Claiborne Inc. Completes Acquisition of Lucky Brand Dungarees, Inc.
Liz Claiborne Agrees to Acquire Laundry.
Liz Claiborne Completes Acquisition of Laundry.

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters