TANDY BRANDS ACCESSORIES, INC. ANNOUNCES FINAL CLOSING OF ACQUISITION OF ALL ASSETS OF DURITE LEATHER GOODS CO. INC.
ARLINGTON, Texas, June 1 /PRNewswire/ -- Tandy Brands Accessories, Inc. announced today the final closing of its acquisition of substantially all the assets of Durite Leather Goods Co. Inc. for a purchase price of $2 million in cash, plus the assumption by the company of substantially all the liabilities of Durite. In conjunction with the acquisition, $1,525,000 of Durite debt was retired. 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. The acquisition will expand the company's market share in the mass merchant segment and create new opportunities for expansion in existing product categories. 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 7,930 restricted shares of the company's common stock to Michael Zaifert in connection with his employment by the company. 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- 6/1/93 /CONTACT: J.S.B. Jenkins, president and CEO, of Tandy Brands Accessories, Inc., 817-548-0090/ (TBAC)
CO: Tandy Brands Accessories, Inc. ST: Texas IN: TEX SU: TNM
LR -- NY080 -- 4060 06/01/93 15:09 EDT
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|Date:||Jun 1, 1993|
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