Liz Claiborne Acquires Ellen Tracy Firm
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Liz Claiborne Inc. bought women’s sportswear maker Ellen Tracy Inc. for about $180 million in cash and debt to offer more brands and a broader price range.
The purchase, which includes assuming about $10 million of debt of closely held Ellen Tracy and its related companies, won’t affect profit this year and will add to it in 2003, a Liz Claiborne spokeswoman said.
Ellen Tracy had sales of about $171 million last year. Ellen Tracy founder, Chairman and Chief Executive Herbert Gallen will remain as chairman of the unit within Liz Claiborne.
Shares of Liz Claiborne fell 86 cents to $24.95 on the NYSE.
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