London Fog sells Pacific Trail, confirms DIP financing
March 30, 2006-- Home Textiles Today,
New York – London Fog Group, parent of home textiles producer Homestead, has as planned in its "pre-packaged" Chapter 11 proceedings, successfully sold its Pacific Trail unit and will have its $40 million debtor-in-possession financing provided by Wachovia Bank.
The company sold its Pacific Trail outerwear business and related brands to Columbia Sportswear for $20.4 million plus "the assumption of certain services," the result of a public auction yesterday.
London Fog Group ceo David Greenstein said, "We believe the transaction is in the best interests of Pacific Trail … Columbia is the ideal company to continue building on the success of the Pacific Trail and related brands this season and going forward."
Related Content By Author
Industry Related Content
Explore Latest Business Trends at Heimtextil