Oxford Closes Sale Of Ben Sherman Business

(RTTNews) - Apparel company Oxford Industries Inc (OXM) on Monday said it has completed the sale of its Ben Sherman business for a purchase price of £40.8 million or $63.7 million to Ben Sherman UK Acquisition Ltd and Ben Sherman US Acquisition LLC, both of which are backed by Marquee Brands LLC.

Thomas Chubb III, Oxford's CEO, said, "Looking forward, with the strength of our Tommy Bahama and Lilly Pulitzer brands, Oxford is well-positioned to continue to generate long-term value for our shareholders."

In connection with the transaction, Oxford noted that it expects to receive net cash proceeds of about $58 million and also expects to incur a one-time, non-cash loss on sale of discontinued operations.