OXFORD AGREES TO BUY NEXT DAY

NEW YORK — Oxford Industries Inc., Atlanta, reached an agreement in principle to acquire Next Day Apparel Inc., a manufacturer of private label women’s wear for the mass market.
Next Day, based in Walhalla, S.C., is privately held and had sales in excess of $100 million last year. Terms of the deal weren’t disclosed.
Hicks Lanier, Oxford’s chairman and chief executive officer, said Next Day will become a division of Oxford’s women’s wear group, and Blake Griffith, an founder and majority shareholder, will continue as president of Next Day.
Oxford’s women’s operation supplies private label women’s sportswear, separates and dresses. Wal-Mart, Target and J.C. Penney are its biggest customers. In the year ended May 1997, Oxford’s women’s wear sales were $162 million.
Overall, Oxford, primarily a maker of men’s suits, slacks and dress shirts, had sales of $703.2 million in the year ended May 30.
The closing of the Next Day deal is scheduled for August.

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