BOCA RATON, Fla. — Sports/Leisure Inc. said it plans to acquire Apparel Industries Inc., a maker of moderate-price women’s sportswear and knitwear, and The Banker’s Note, a specialty retailer of women’s career apparel.
Sports/Leisure will issue up to 12 million shares to each firm for all of their common stock. The actual number of shares will be set at closing, expected in late October, with each of the three shareholder groups holding 33 percent of Sports/Leisure. Sports/Leisure closed at 11/16, up 1/8, Thursday, while Banker’s Note closed at 13/16 in the over-the-counter market.
Privately held, Apparel Industries, New York, has about $35 million in annual sales. Brands include Ashleigh Morgan, City Editions, Gotham and Trousers Up. Publicly held Banker’s Note, based in Smyrna, Ga., operates 35 stores, primarily in the Southeast, with sales of $21 million last year.
Sports/Leisure, with sales of $13.9 million in 1993, makes athletic and sports apparel through its Islanders Sportswear subsidiary, and women’s fitness apparel under the Softouch label.