G-III Apparel Group Ltd. jumped into the outlet business Tuesday, paying $22.3 million to acquire the Wilsons The Leather Experts Inc. name and operations at 116 outlet stores.
The cash deal, disclosed after the market closed Tuesday, also included $18.5 million in inventory, distribution center operations and other trademarks and trade names. Joel Waller, Wilsons' former chief executive officer and ceo at The Wet Seal Inc. until stepping down in September, will return as president of G-III's new outlet division.
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