PHILLIPS-VAN HEUSEN SET TO BUY CRYSTAL BRANDS APPAREL GROUP

Byline:

NEW YORK--Phillips-Van Heusen Corp. said Wednesday that it has hammered out an agreement to buy Crystal Brands Inc.'s apparel group--including the Gant, Izod and Salty Dog marks--for $114.7 million cash.
The purchase will leave Crystal Brands with no operating units and all but finalize Crystal Brands' liquidating plan under Chapter 11. The deal confirms a WWD report Jan. 24 that an agreement was close.
Crystal Brands' apparel business--most of it now in men's wear--posted 1994 sales of just under $250 million, a company spokesman said. Women's apparel is only a "small" part, he said.
Irwin K. Winter, vice president and chief financial officer of P-VH, noted, though, that Izod women's has a strong business in pro shops, while the department store business is very new.
"We would love to see the women's business as a growth area," he said, "although no decision on whether to keep or sell the women's business has been made."
The deal, subject to bankruptcy court approval, could be upset by a higher offer, although none is expected. Crystal Brands said it expected the sale to close by Feb. 28.

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