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PLAID HOLDINGS CORP. SIGNS DEFINITIVE AGREEMENT TO ACQUIRE CRYSTAL BRANDS, INC. MEN'S TAILORED CLOTHING BUSINESS

 PLAID HOLDINGS CORP. SIGNS DEFINITIVE AGREEMENT TO ACQUIRE
 CRYSTAL BRANDS, INC. MEN'S TAILORED CLOTHING BUSINESS
 NEW YORK, Aug. 21 /PRNewswire/ -- Plaid Holdings Corp. today announced that it has signed a definitive agreement to acquire the men's tailored clothing business of Crystal Brands, Inc. (NYSE: CBR). Plaid Holdings is the parent company of J. Schoeneman Inc., a leading manufacturer of men's tailored clothing with annualized volume exceeding $130 million.
 Under the terms of the agreement, Plaid will acquire the assets and the business of the Palm Beach Company of Cincinnati, Ohio, and the Calvin Clothing Corporation of New Bedford, Massachusetts, which manufactures men's and boy's tailored clothing under the Palm Beach, Haspel and Brannoch brand names. Plaid holdings will also become the licensee for Evan Picone and Gant for both men and boys, John Wietz for men, and Polo for boys by Ralph Lauren and Pierre Cardin for boys. Manufacturing facilities are located in Alabama, Georgia, Kentucky, Massachusetts, Ohio and Tennessee. Sales of the above were projected to be in excess of $170 million.
 William B. Anneken, president of Plaid Holdings Corp., stated, "The addition of the Palm Beach and Calvin Tailored Clothing Group creates an extremely strong and well-focused tailored clothing family. We will now manage a broad range of well respected and high quality brands. In addition to substantially expanding our customer base, we will benefit from the talents and dedication of more than 4,000 employees across the country, many of whom are represented by the Amalgamated Clothing and Textile Workers of America. We welcome each of them to the Plaid family, and hereby renew our commitment to tailored clothing and to taking this group of fine companies to the next level of achievement."
 The new combined Schoeneman, Palm Beach and Calvin Tailored Clothing Group will be managed by William B. Anneken, chairman; James J. Stankovic, president and chief executive officer; and Ronald T. Monford, executive vice president and chief operating officer. Each of the operating units will continue their unique identities but will be directed by this management team.
 James J. Stankovic, currently president and CEO of J. Schoeneman, Inc., said, "We are very excited about the acquisition of such a fine group of quality businesses. Ron Monford and I look forward to the addition of these extended responsibilities. We welcome the many talented and quality-minded employees of this group to our family. This relationship will allow our combined teams the opportunity to influence the future of tailored clothing in America."
 The closing of the transaction, which is expected on or about Sept. 28, 1992, is subject to financing and the receipt of certain third-party consents and approvals.
 J. Schoeneman, Inc., Plaid Holdings' principal subsidiary, produces fine tailored clothing for men under the Burberrys, Christian Dior, Bill Robinson and Halston labels, in addition to custom label tailored men's clothing for specialty and leading department stores. With the addition of the Palm Beach and Calvin Tailored Clothing Group, it will have an annualized volume of over $300 million.
 -0- 8/21/92
 /CONTACT: William B. Anneken, president of Plaid Holdings Corp., 513-941-7744, or Jerry Seeman of Burston-Marstellar, 212-614-5135, for Plaid Holdings Corp./
 (CBR) CO: Plaid Holdings Corp.; Crystal Brands, Inc. ST: Ohio, Massachusetts IN: TEX SU: TNM


KD-TM -- NY060 -- 2296 08/21/92 17:10 EDT
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Publication:PR Newswire
Date:Aug 21, 1992
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