TANDY BRANDS ACCESSORIES, INC. ANNOUNCES PURCHASE OF ASSETS AND OPERATIONS OF ACCOLADE, INC.
ARLINGTON, Texas, Nov. 29 /PRNewswire/ -- Tandy Brands Accessories, Inc. (NASDAQ-NMS: TBAC) announced today its purchase of the assets and operations of Accolade, Inc. pursuant to their previously announced Option Agreement executed July 8, 1993. The consideration for the purchase included 60,606 restricted shares of the company's common stock, the assumption of certain liabilities, and a cash payment of $250,000. Accolade, Inc., which does business as Always in Style, markets womenswear, menswear and accessories primarily through the QVC Television Network, which is a leading national home shopping television channel. Always in Style and its current management team will continue operations, based in New York, as a division of Tandy Brands Accessories, Inc. J.S.B. Jenkins, president and chief executive officer of Tandy Brands Accessories, Inc., stated that the acquisition is well timed to take advantage of the growth potential available to Always in Style as a successful marketer in the expanding television home shopping market. Additionally, this acquisition opens a new channel of distribution for the company's accessory products. 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 TBAC. -0- 11/29/93 /CONTACT: J.S.B. Jenkins, president and chief executive officer of Tandy Brands Accessories, Inc., 817-548-0090/ (TBAC)
CO: Tandy Brands Accessories, Inc.; Accolade Inc. ST: Texas IN: REA SU: TNM
GK-PS -- NY023 -- 8171 11/29/93 09:50 EST
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|Date:||Nov 29, 1993|
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