BEST SALE: Fin.part SpA announced Thursday the sale of Best Co. to the label’s distributor, Cisalfa, for $2.7 million (converted from the euro at current exchange rates). In a statement, Fin.part said the sale was in line with its strategy to shed real estate and non-strategic investments, like its sportswear division, which, in addition to Best Co., includes the labels Marina Yachting, Henry Cottons and Moncler. As reported, Fin.part is focused on building its Cerruti brand, and the sale of its sportswear block will help offset the company’s $402.2 million in net debt. Fin.part expects to eventually garner about $187.5 million from the sale of its sportswear unit. The firm also owns Frette SpA and Maska.
This story first appeared in the May 31, 2002 issue of WWD. Subscribe Today.
FAB-U-LESS: Fab Industries’ stockholders will receive $10 a share in cash on June 24 as the manufacturer of warp and circular knit fabrics reduces its cash position to $50 million from $90 million and commences a corporate liquidation and sale of remaining assets. “It will be a series of distributions,” said Steven Myers, president and chief operating officer. “We don’t need the size of cash we’re sitting with to run a smaller business. The best thing to do now is deal from a position of financial strength.” Unlike most U.S. textile mills, Fab was in a healthy state of business, though Myers said he wasn’t sure how long the company could sustain growth due to the economic climate and current state of the U.S. textile industry. Fab reported revenue of $14.3 million for its first quarter ended March 2, down from year-ago revenue of $20 million.