Chairman and chief executive officer Barry Sacks and his partners, Mark Steinman and Jay Balaban, now own 100 percent of the company. They repurchased stock from Merrill Lynch Interfunding, which had a 45 percent stake, and a New York-based investment group led by Ira J. Hechler, which had 13 percent. The leveraged buyout was in 1987. The new debt, with Internationale Nederlanden (U.S.) Capital Corp., consists of $15 million in senior notes and $11.5 million in junior subordinated notes. Chorus Line designs and markets junior, women’s and girls’ dresses and sportswear. For the year ended Dec. 31, gross sales totaled $178 million, against $132 million in 1992.
NAF NAF GAINS: Naf Naf posted an 8.5 percent rise in 1993 sales to $180.5 million (1.06 billion francs) at current exchange rates. Net profits for the year will be about $16.9 million (100 million francs), about 9 percent ahead of a year ago, the French junior sportswear company said.
Earlier this year, Naf Naf decided to change its fiscal yearend to Feb. 28. For the 14 months ending Feb. 28, 1994, the company expects sales to reach $220.3 million (1.3 billion francs). For the first year under the new fiscal calendar ending Feb. 28, 1995, sales are expected to grow 3.8 percent to $228.8 million (1.35 billion francs). Naf Naf said key efforts last year included establishment of subsidiaries throughout Europe, with offices set up in the Netherlands, Germany, Greece, Italy and Portugal.