NEW YORK — Shares of Yes Clothing Co. have nearly tripled since Georges Marciano announced his intention on Dec. 5 to acquire an 80 percent stake in the company. The deal was completed on Feb. 2.
Yes closed at 5 3/4 Wednesday, up 3/4, in over-the-counter trading, and moved as high as 6 1/2 during the day. The last time Yes’s shares reached these heights was in 1991.
The former chairman of Guess Inc. paid $6 million, or $2 a share, to acquire 3 million shares in Yes.
Prior to news of Marciano’s deal, Yes was trading at $2 and had sunk as low as 1 1/8 in 1994.
Contacted in his office in Los Angeles, Marciano said he knew no specific reason for the strength of Yes’s shares.
“It shows that people have confidence in me,” Marciano said. “If it moves like that before I do anything, wait until I do something.”
Yes, based in Los Angeles, lost $967,000 in the third quarter ended Dec. 31 on sales of $7.2 million. — Fairchild News Service