NEW YORK — Tarrant Apparel Group has closed on its offering of 850,000 shares of nonvoting series A convertible preferred stock at $38 a share.

The Los Angeles-based firm said the shares were sold to institutional and individual accredited investors. The offering, managed by Houston-based investment bank Sanders Morris Harris, allows for up to 1 million preferred shares to be sold. Tarrant said it expects a second and final closing to occur within the next several days.

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