Camuto Group is now the proud owner of 3 million shares of common stock in its latest licensee, Bernard Chaus Inc.
Camuto earlier this month purchased half of the 6 million shares repurchased by Chaus from Kenneth Cole Productions Inc. following the termination of Chaus’ licensing agreement with KCP, according to a regulatory filing by Chaus with the Securities and Exchange Commission. KCP, which acquired its stake for $1 a share upon the initiation of its Chaus licensing deal in June 2005, sold them back at 10 cents a share last month. Chaus funded the $600,000 expense through a short-term extension of credit by the CIT Group.
Although the price paid by Camuto wasn’t disclosed, Chaus shares closed at 17 cents a share Thursday.
The 3 million shares currently held by Camuto represent 8.7 percent of the 34.5 million outstanding.
Chaus said in its Form 10-Q filing with the SEC that Camuto “and another party with whom the company has a commercial relationship” have expressed interest in the remaining 3 million shares bought back by Chaus, with a sale expected this month.