The Warnaco Group said it inked a deal to sell its Lejaby business to Palmers Textil AG for $65 million.

The transaction is for about $47 million in cash and $18 million in an “interest-free note” due in 2013. Warnaco stated “terms of the transaction include a customary working capital adjustment and the provision of temporary transition services to Palmers Textil AG.”

Warnaco is looking to close the deal during the current first quarter.

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