LEVI STRAUSS & CO. completes acquisition of 73 LEVI® and DOCKERS® outlet stores across U.S. from ANCHOR BLUE RETAIL GROUP
SAN FRANCISCO .– Levi Strauss & Co. (LS&CO.) today announced it has completed the acquisition of 73 Levi’s® and Dockers® Outlets by MOST stores that were licensed to Anchor Blue Retail Group, Inc. The purchase price was $72 million, subject to certain post-closing adjustments.
“Operating these stores directly is a great opportunity to strengthen and grow our brands over the long term,” said Robert Hanson, president of Levi Strauss Americas. “These stores complement our existing retail distribution both in wholesale and in our company-operated stores.”
On May 27, Levi Strauss & Co. announced it had entered into an Asset Purchase Agreement to acquire the operating rights to the 73 Levi’s® and Dockers® Outlets by MOST stores. The transaction was part of Anchor Blue Retail Group, Inc.’s sale of assets under Section 363 of the U.S. Bankruptcy Code. The transaction closed on July 13, 2009. The assets purchased include the inventory, fixtures and equipment associated with the stores.
“This acquisition allows us to further leverage our already successful retail outlet model and to maximize our growth and profits in this important retail channel,” said Joelle Maher, senior vice president of Levi Strauss Americas Retail. “We’re excited to get to work upgrading the product assortments in these outlet stores and begin delivering a more compelling consumer experience that will build our brands.”
LS&CO. will begin remodeling select stores and upgrading product assortments in the coming months. The changes will provide consumers with the quality products they expect from Levi’s® and Dockers® brands while offering a much more compelling shopping experience.
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